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Apr 9, 2025Your state residency decides your need to pay state taxes; every state has different rules on residency. Though the criteria vary, the following are the key traits that usually characterize state residency: For more information on specific state residency criteria and taxation, click here.
adminApr 9, 2025It is any kind of interest you get that was: Examples of Taxable Interest Income: If the interest is less than $10, the credit union may not issue a form detailing it. You must record all income. The IRS enables rounding to full figures. If your interest income is 49 cents, you can round it […]
adminApr 7, 2025Earned Income is any revenue you obtain from a job or personal services. It is the money you make while completing responsibilities or labor. The IRS defines earned income as wages, salaries, tips, and other kinds of compensation received in exchange for labor. Earned income consists of several major components, including: Earned income also includes […]
adminApr 7, 2025The Qualifying Widow(er) with Dependent Child filing status is meant to enable people who have lost a spouse to keep getting the same tax advantages as those who file jointly for up to two years following the spouse’s death. Using this status calls for meeting particular IRS criteria: Especially when supporting a dependent child, using […]
adminApr 7, 2025You have to satisfy certain IRS criteria to qualify for Head of Household (HOH) filing status. Filing as single or married filing separately may not offer the same benefits as this status, which can offer a better tax bracket and bigger standard deduction. Qualifying is as follows: Since filing as Head of Household can lead […]
adminApr 7, 2025You have to be legally married as of December 31st of the tax year to qualify for the Married Filing Jointly tax status. Often the most advantageous for married couples, this status usually provides a bigger standard deduction, access to more tax credits, and lower tax rates than filing separately. You may file jointly if: […]
adminApr 6, 2025A Qualifying Relative is someone you may be able to claim as a dependent on your tax return, based on specific IRS criteria. A qualifying relative can be a child, sibling, parent, or even an in-law, as long as they meet the following criteria: If all of these conditions are met, the individual may be […]
adminApr 6, 2025An eligible child can be considered your dependent if they meet the following IRS requirements: The minor can be your son, daughter, stepchild, foster kid, adopted child, brother, sister, stepbrother, stepsister, half-brother, half-sister, grandchild, niece, or nephew. You must have contributed more than half of his or her financial support during the year. The child […]
adminApr 6, 2025A qualifying dependent may be a qualifying child or relative. Your dependents include your: You can only claim each dependency once. If a dependent files their own tax return, they must specify that they are being claimed. IRS Standards for Claiming a Dependent: You may claim a dependent if they meet the following IRS standards: […]
adminApr 6, 2025For tax purposes, the IRS demands that you include your personal relationship status at the top of Federal Form 1040.Each filing gives you with your standard deduction, which varies by tax year. Choosing the appropriate filing status is a crucial prerequisite. There are five filing statuses in total. Filing Statuses Additional Notes For more information […]
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