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Tag Archives: tax preparation

Top Tax Tips for beginners. Use the computer or phone to save on taxes. #taxtips

7 Pro Tax Tips and Planning for Beginners

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As the United States government has progressed, so has the concept of taxes.

What started as a simple tax on certain products turned into this extremely intricate system. This system is attempting to find the balance of enough funding and ensuring the countries people are happy.

That being said, when it comes time to file taxes or even to select your tax withholding code, it can seem daunting.

Have no fear!

I will go over the top tax tips for beginners.

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1098T Tax Form Tips. Students can graduate college on top of their tax game! #taxtips

What Is A 1098-T Form Used For?

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Question of the Week: What Is A 1098-T Form Used For?

As the new tax season approaches, you may have already started receiving multiple documents to hand over to your tax preparer or accountant. Among all of those docs you may notice a tax form called a 1098-T. Don’t be afraid by this document at all.

Form 1098-T is a Tuition Statement used to help you understand which education credits you may qualify for relating to tuition and other school-related expenses paid during the tax year.

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Tax Deduction Checklist for Teachers

Tax Deduction Checklist for Teachers

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It’s understandable that the last thing a Teacher or any other Educator wants to worry about are tax deductions. This daunting thought can also be the reason so many workers in the education field file too quickly in an effort to complete this task.

The job of a schoolteacher can be a grueling, with lots of stress, deadlines, and long hours. Plus, you’re probably using your own money for some work-related expenses.

To add to your already long list, you will want to make sure all your documents are in line for taxes in order to stay ahead of the game. In this article I will show you how to get the most deductions and lower your tax bill.

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How to claim a child as a dependent on taxes.

Best Rules for Claiming a Dependent on Your Tax Return

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Before you get started with your taxes this year, you’ll have to figure out if you can claim the dependent living with you. A dependent can be broken down into 5 main areas which we will discuss on this article. Be sure to go through each scenario to see if your situation qualifies.

Can I claim my child as a dependent?

There are 5 tests that must be met for a child to be considered your qualifying child.

  1. Relationship
  2. Age
  3. Residency
  4. Support
  5. Joint Return

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Claiming tips on tax return.

When and How to Claim Tips on Your Tax Return

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Did you know that all tips received are income and subject to federal income tax?

This includes tips:

  • Received directly
  • Charged tips paid by employer
  • Shared tips received under a tip splitting or tip pooling arrangement
  • The value of non-cash tips, such as tickets, passes, or other items

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My name is Handy (pronounced “Andy”) and I’m the owner of The Handy Tax Guy. I believe in using money as a tool to create a life of financial success and I’d like to show you how. Learn from my successes (and failures) to help grow your income and achieve financial freedom. Read my comeback story here.

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Tax Planning Tips and Guide for ipad on table. #taxes #taxplanning

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