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Tax Reform: Tax Tips for Lowering Rates for 2018 Taxes!

tax reform
Be ready for the new tax reform.

Get your to do list out and take some action to reduce your 2018 taxes now! Although taxpayers might be hurriedly finishing their 2017 tax returns before the e-file deadline, some tax deductions will not be there for the next tax season due to the Tax Cuts and Jobs Act. (TCJA) Ultimately, the design of the new tax reform is to lower taxes for individuals of all income groups until 2025. Bear in mind that along with that idea, many individuals who itemize their deductions are worried about the tax turmoil they’ll face when filing with each capped or eliminated deduction.

Did you know that can take steps in 2018 to decrease your taxes for next tax season? Here’s a few tax tips for you.

Rack up your medical receipts.

Continue reading “Tax Reform: Tax Tips for Lowering Rates for 2018 Taxes!”

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Tax Tips: How to Choose a Tax Preparer


Are you stuck on choosing a Tax Preparer?

“One size fits all,” doesn’t apply when choosing your tax preparer. Take a second to imagine this scenario. John is a college student and it’s time to file his taxes for the very first time. Nerve wracking, isn’t it? He has one W-2 statement and a myriad of education expenses that surely affected his bank account. He’s unsure of where to begin and if he should simply file online or visit a tax accountant.

Whether you’re new to taxes, like John, or an experienced taxpayer, filing your tax return can be a demanding process. On top of that, you might be wondering if you should file your tax return online or go to a local tax accountant. Here are some tax tips to consider when making that decision.

Online filing may be right for you.

During tax season, convenience, quality and time are both important. By filing your taxes online, you can complete a self-prepared return by opting to e-file your current year tax return or paper file your prior year return right from the comfort of your own home. Tax preparation sites require you to have: Continue reading “Tax Tips: How to Choose a Tax Preparer”

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Claiming Parents as Dependents If They Receive Social Security Benefits

It’s been said that life comes full circle. Well, so do taxes.

It’s difficult to watch your parents grow old. The ones who supported you while growing up are now the ones you’re taking care of. You may be curious if you can claim your parents as dependents on your tax return like they once did for you.

The answer lies in the following five tests set up by the IRS:

#1. They must be related to you.

#2. They must be a citizen or resident of the United States, Canada, or Mexico.

#3. They must not be filing a joint tax return.

#4. They must have an annual gross income of less than $4,000.

#5. You must provide more than 50% of their financial support for the year.

With these qualifications in mind, let’s take a look at some special circumstances that might apply to you and your parents. Continue reading “Claiming Parents as Dependents If They Receive Social Security Benefits”