by Pierre Philantrope | Feb 14, 2024 | Tax Tip
The 2024 tax season is underway. The IRS is constantly advising taxpayers to choose their tax preparers wisely by researching their credentials and qualifications. However, many taxpayers choose the tax preparers who will give them a refund or more refund. Many times,...
by Pierre Philantrope | Feb 7, 2024 | Tax Tip
Taxpayers tax filing status is extremely important. They are 1) Single, 2) Married Filing Jointly, 3) Married Filing Separately, 4) Head of Household, and 5) Qualifying surviving spouse. Your filing status determines your filing requirements, your tax rates,...
by Pierre Philantrope | Jan 31, 2024 | Tax Tip
Married taxpayers who are injured spouses could still receive a refund when they jointly file their tax return even when the refund or part of the refund was applied or will be applied to pay a past due obligation of one spouse. You are an injured spouse if you...
by Pierre Philantrope | Jan 24, 2024 | Tax Tip
There are two types of education related tax credits that taxpayers may claim for qualified tuition and related education expenses paid or incurred during the tax year: the American Opportunity Tax Credit (AOTC) and the Lifetime Learning Credit (LLC). For...
by Pierre Philantrope | Jan 17, 2024 | Tax Tip
The earned income tax credit (EITC) is not for every taxpayer. As your income increases, the credit is reduced and it is phased out at an income level. The earned income credit is a refundable tax credit that an eligible individual may claim based on a percentage of...
by Pierre Philantrope | Jan 10, 2024 | Tax Tip
There is a deadline for different tax documents to be sent to taxpayers. Generally, most forms must be mailed by January 31. Taxpayers should ensure that they have and produce all their required tax documents when filing their tax return. Taxpayers should have an open...
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