by Tameka Jacobs | Dec 27, 2019 | Individual Tax
Is Social Security retirement income taxable? Social Security retirement benefits are taxable, although it depends on your total income and civil status. Federal law states that an individual must pay taxes if he/she has annual Social Security retirement income of...
by Tameka Jacobs | Oct 7, 2019 | Individual Tax
Many people have a misconception that when their children begin working, they can no longer claim them as dependents, but that’s not true. Let’s say you have a 16-year-old who just started their first job this past year. When January rolls around, they receive their...
by Tameka Jacobs | Apr 13, 2017 | Individual Tax
Most taxpayers don’t want to pay more taxes than they actually owe. Here are some common mistakes and omissions that cost taxpayers money. Overlooking education tax credits. Parents of college students may be able to claim the American Opportunity Tax Credit (AOTC)...
by Tameka Jacobs | Mar 5, 2017 | Individual Tax
If you could choose between a tax deduction and a tax credit of the same amount, which would be more likely to benefit you? Understanding the difference can help you plan your taxes. A tax deduction lowers the amount of income on which you’re taxed. The amount of your...
