Claiming dependents on your tax return can significantly reduce your tax liability through exemptions, deductions, and credits. However, claiming an ineligible dependent—whether accidentally or intentionally—can lead to serious consequences, including IRS penalties, delayed refunds, and even audits. Understanding the rules and repercussions is essential for responsible tax filing. Who Qualifies as a Dependent? Before diving […]
Individual Tax
Do a Financial Review Mid-Year: Why It Matters and How to Do It
As the calendar year reaches its halfway point, many people are focused on vacations, warmer weather, and mid-year work goals. But there’s one more critical item that deserves your attention: your finances. A mid-year financial review is a smart, proactive step to ensure you remain on track with your financial goals—and can make the necessary […]
Can I Still File Taxes Without My W-2 or 1099?
Filing taxes can be stressful, and it’s even more challenging if you’re missing key documents like your W-2 or 1099. These forms report your income and are essential for filing your taxes correctly. But what happens if you don’t have them by tax time? Can you still file your taxes without them? The good news […]
Help Your Working Teen Get a Jump-Start on Saving
You may have a teen in your family who holds down a part-time job or works full-time during the summer. You can help your child lay the groundwork for future retirement security early on by encouraging your child to open an individual retirement account (IRA). You may, or may not, get some resistance, especially if […]
Filing Taxes as a Single Parent
Filing taxes can be a daunting task for anyone, but for single parents, it often comes with added complexities. As a single parent, you may be eligible for various tax benefits and credits designed to alleviate some of the financial burdens of raising children on your own. To ensure you’re maximizing your tax return while […]
Three Tax-Friendly Strategies for Charitable Giving
Obtaining a significant tax benefit for charitable contributions may be a little harder than it used to be, but it’s not impossible. Here’s a look at how the tax landscape for charitable giving has changed and three strategies that could help taxpayers get better tax mileage from their donations. What Has Changed? Because the deduction […]