Monthly Archives: January 2017

Disabled? Don’t Forget About the EITC!

If you’re disabled, you may be able to find a benefit at tax time with the Earned Income Tax Credit (EITC). can help taxpayers with disabilities and parents who have disabled children determine if they qualify for the EITC. Disabled taxpayers may worry that taking the EITC and receiving a refund may disqualify them […]

Using the W-2 Verification Codes

If you’re a tax preparer, you’ve likely heard of the new verification code added to Form W-2s this tax season. The IRS has added this extra level of protection to 50 million W-2s as an experiment to combat fraud and protect businesses and taxpayers from identity theft. The verification code consists of 16 digits, and […]

The Big Five for The Self-Employed

If you work for yourself, whether through contracting, freelancing, or other self-employed means, you’re entitled to a variety of tax deductions that can save you money when you file your tax return. And as an independent worker, saving money is always welcome. Here are the top five tax deductions to be aware of. Your Home: […]

Your W-2: Six Important Facts

If you work for someone else, as an employee of a business or company, you should expect to receive a Form W-2 in the mail sometime between January and February. The form has a lot of little boxes and numbers on it, and is required to be sent to you by any employer who paid […]

The Lowdown on State Income Tax Rates

Often overshadowed by their tax time counterpart – the federal income tax – state income tax rates generally receive less attention. However, they can definitely impact your overall bill, depending on where you live, where you work, and the total amount you earn. State Taxation of Residents States typically use one of three methods to […]

Retiree Deductions: The Big Five

Years of hard work will pay off in retirement, or at least that’s the goal. One thing that’s for sure is retirees are often entitled to special tax benefits. After age 50, the IRS loosens its grip on your money, allowing you a little bit of room to maneuver. The sweet spot is after age […]

Many tax payers have the luxury of filing a state tax return quickly and easily by basically adding one extra step to filing their federal return. Tax software simply copies the information from the federal return to the state return and both returns are filed in no time. But what happens if you have a […]

What if you were claimed as a Dependent?

If you claim a dependent, and another taxpayer lists the same person as their dependent, the IRS is likely going to reject your tax return. Generally, to claim a dependent you supply the IRS with the dependent’s Social Security number, which is used to authenticate your relationship with the person and that some basic rules […]

Health Insurance and the Form 1095-A

Big changes may await the Affordable Care Act in 2017, however all requirements and provisions in relation to taxes remain relevant for 2016 returns. As tax season begins, the Form 1095-A, Health Insurance Marketplace Statement will play an important role when you file your tax return. You should also be aware that this tax year […]

Paying Taxes When You Work from Home

As technology adapts to allow more employees to telecommute, the traditional office is becoming more of a makeshift desk on the kitchen table than a cubicle across town. However, if your employer is in a state other than the one in which you live, you’ll have a little bit of a different tax situation than […]