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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!”
Students are not exempt from taxes and have the same filing requirements as everyone else
Already beleaguered college students will be disappointed to learn that there is not a tax exemption for students, full-time or otherwise.
Whether you have to file a return depends on
If your level of income is below the filing requirement for your age, filing status, and dependency status, then you don’t have to file a return. Conversely, if your income level is above this filing requirement, you must file regardless of whether you are a student.
You can see the filing requirements for most non-dependent situations below: Continue reading “Are Full-Time Students Exempt from Taxes?”
Figure out if you need to file a New York return and then take care of it on RapidTax
There are three categories of people who have to file a New York State return: residents, nonresidents, and part-year residents. All three categories have different reasons for filing.
Residents
New York residents are pretty much those people who live permanently in New York State. Officially a resident is anyone whose domicile is in New York or whose domicile is not in NY but who maintained a permanent place of abode in NY for more than 11 months of the year and spent at least 184 days here.
Obviously there are exceptions, but they are relatively few and far between. You can find the definition of a resident and the exceptions here.
Generally New York residents must file Form IT-201 Resident Income Tax Return if they were also required to file a federal return. They must pay tax on ALL of their income no matter where it was earned. Continue reading “Who Needs to File New York State Taxes?”
