1095-A Form
The Tax Cuts and Job Act presents many substantial changes to filing requirements; however, the reporting of healthcare coverage remains consistent. For 2017 and 2018, taxpayers must continue to report their coverage and determine if they qualify for an exemption − or like me, are required to make a shared responsibility payment.
Tax Audits & Letters
Four Ice Cream Cones
So, what happens if you miss an Installment Agreement payment and/or can no longer make the agreed upon payments?
Tax Audits & Letters
Ice Cream Sundae
Taking the time and effort to timely file your tax returns, even when you know you may owe tax and cannot afford to pay the entire amount owed by the due date of the return, may save you additional penalties, interest, sleepless nights and indigestion.
Education Tax Benefits
Magnifying glass over tax forms with crime scene tape
Scammers understand the fear associated with being contacted by the IRS and feed upon it. They conduct extensive research, and over time they have come to perfect their techniques. While there's no sure-fire way to avoid being targeted by one of these criminals, you can reduce your risk of falling victim to their schemes by developing a basic understanding of what the IRS can and cannot do.
Education Tax Benefits
Graduation Hats
To be eligible for the American Opportunity Credit, the student is required to be in pursuit of a degree or another recognized education credential and must be enrolled at least half-time at the start of the tax year. The student must not have completed the first four years of higher education, and the student's criminal record must be clear of any felony drug convictions. Additionally, the American Opportunity Credit cannot be claimed in excess of four years.
Tax Audits & Letters
Woman on the phone holding nephew
When more than one person wants to claim a child on their tax return, sorting it out becomes complicated. Not only are there five tests to meet for a child to be considered a "qualifying child," but there is also a set of "tie breaker rules."
This blog does not provide legal, financial, accounting, or tax advice. The content on this blog is “as is” and carries no warranties. TaxAudit does not warrant or guarantee the accuracy, reliability, and completeness of the content of this blog. Content may become out of date as tax laws change. TaxAudit may, but has no obligation to monitor or respond to comments.