Worried about the 2018 Tax Changes?

So…. When I first heard about the tax bill changes, I admit, I became a little concerned. But the longer I thought about it, the more comfy I became. I’m neither Democratic nor Republican, so that affords me the option to NOT automatically take a side simply based on what the general population believes to […]

What Are ‘Qualified Education Expenses’ for Income Tax Purposes

Once you’ve chosen a school, your qualified education expenses (registration, tuition, books & supplies, and in some cases, activity fees) are generally tax advantageous unless those expenses were offset by a scholarship or grant of some kind. The two most applicable education credit options are the American Opportunity Credit and the Lifetime Learning Credit. There is also […]

Can I Claim My Spouse As a DEPENDENT? — NO

I keep hearing this crazy notion of one spouse claiming the other spouse as a dependent.  What’s most disturbing is that I’m hearing tax preparers state this absurdity, sending their clients on wild goose chases to gather sufficient documentation as proof that their spouse has no gross income so they can claim the spouse as […]

So, You Want to Claim a Certain Someone As Your Dependent?

Everyone is looking for a way to lower their tax bill and maybe even get a little refund back.  I see lots of people attempting to be really… “creative” in coming up with a few dependents to help them achieve this goal.  Before you get too carried away with how easy it can be to […]

Should She Claim Her Adult Son as A Dependent?

In this tough economy we see millions of degreed adults unable to find work. As a result, many have returned home to live with family, gone back to school to learn a new skill, and are most likely receiving some kind of government benefit such as unemployment insurance payments and/or cash aide (welfare, food stamps). […]

When the IRS says “Your Releative” Here’s What They Mean

Some taxpayers use the term “relative” quite loosely.  Your best friend’s son may be your godson – and he may seem like a relative in your eyes – but Dr Sam and the IRS don’t see it that way. So, when the IRS says “your relative” here is who they are talking about: Your biological […]

Can You Claim The Big Earned Income Tax Credit?

EARNED INCOME TAX CREDIT-SCHMEDIT! In general, you most likely have received the Earned Income Tax Credit (EITC) in the past if you: (1) Earn money from working (2) Have an income amount that is considered “low income”, and (3) Usually receive a tax refund that is more than $2000. Sometimes the refund can be  as […]