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Category: Individual Tax Tips

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8 Tips For Tax Preparation

Taxes can be complicated, but these steps make things go much more smoothly at tax time.

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Are You Allowed to Contribute to a Roth IRA?

Confused about whether you can contribute to a Roth IRA? The IRS suggests checking these simple rules.

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There’s Still Time For Your IRA

f you haven’t contributed funds to an Individual Retirement Arrangement (IRA) for last tax year, or if you’ve put in less than the maximum allowed, you still have time to do so.

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What Is a Coverdell Savings Account?

A Coverdell Education Savings Account (ESA) is a savings account created as an incentive to help parents and students save for education expenses.

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How Much Can Educators Deduct?

f you are an educator, you may be able to deduct up to $250 of expenses you paid for purchases of books and classroom supplies, even if you don’t itemize your deductions, according to the IRS.

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You Might Save Money By Itemizing

Whether to itemize deductions on your tax return depends on how much you spent on certain expenses last year.

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Don’t Forget About the Earned Income Tax Credit

Taxpayers who qualify and claim the EITC could pay less federal tax, pay no tax or even get a tax refund.

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Tips Are Taxable Income

The tip income you receive as an employee from services is taxable income, advises the IRS.

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A Name Change Could Affect Your Tax Return

Newlyweds and the recently divorced should make sure that names on their tax returns match those registered with the Social Security Administration (SSA).

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What You Can Deduct On Your Taxes

Did you know that you may be able to deduct certain taxes on your federal income tax return?