2020 Tax Returns

The IRS recently sent out a final reminder for those who still need to claim their portion of the $1 billion in tax refunds from 2020. Time to file for a refund expires May 17, 2024. There are approximately 1...

Standard Deduction or Itemized Deductions?

To simplify this question, first, you need to know what is the standard deduction for your situation? The 2022 Standard Deduction for Single or Married filing separately is $12,950, for Married filing jointly orQualifying surviving spouse is $25,900, and Head of...

Last Of The 1040 Explanation

The finish line is finally here…. Line 29 is for the American Opportunity Credit. This is an education credit that can be taken for students in college. It helps reduce the amount of taxes owed or may even increase your refund. You will need to fill out Form 8863,...

Important Part Of A 1040

So, now we must discuss the most important part of a 1040. Line 1. Yes, the dreaded line 1. Wages, salaries, tips, etc. What’s etc. anyway? Really? We as citizens must decipher what etc. is? Well, if you want a basic summary of what all that means, here ya’ go....

Who Is Considered Your Dependent?

One of the questions I get a lot is who is considered your dependent? Such a simple question, right? But, of course not (as you may have guessed). Even my eyes crossed at their many pages long answer. I’ll give you some basics: a “child” dependent can be your...