Solutions to Make Better Decisions with Your Taxes and Money

The IRS Wants to Know About All March Bracket Winnings

The break room at work is abuzz with talk about basketball tournaments, teams and players. It seems everyone is anxiously awaiting the chance to be crowned tournament bracket champion. But, while you’re busy streaming the games and focused on which team is advancing, remember someone else wants to share in your earnings should you win […]

What is Form 1040?

Find out if you need to file Form 1040.

Taxable vs. Nontaxable Income: What’s the Difference?

If you receive money, goods or services, you might have to pay tax on the value of what you receive as taxable income. That’s true for money you earn, as well as, any interest and dividends you receive on your investments. Unless the Internal Revenue Service (IRS) specifically outlines a type of income as nontaxable…you […]

Can You Claim Your Parents as Dependents?

You know you can claim your kids on your tax return. What if you also support mom and dad? If you pay some or all of your parents’ expenses, you may qualify for dependency exemptions for them, just as you do for your children. Benefits of claiming your parents as dependents

Will Credit Card Rewards Soon Be Classified as Taxable Income?

What’s considered taxable income? Just about anything you can think of, according to this list on the IRS website. However one thing you will find notably absent are credit card rewards. At least for now, but will that soon change? The reason credit card rewards have typically not been counted as taxable income is because […]

Donate to Charities to Decrease Taxable Income

Are you asking for a receipt and itemizing your donations when donate to charities? You should be. Beyond the personal satisfaction of donating to charitable organizations, there could also be income tax benefits for your kind gestures. Generally, you can take a deduction for contributions of money or property that you make to a qualified […]

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