Who Can I Claim as a Dependent On My Income Taxes?

taxes with andy magnus

In the United States, a qualified dependent is an individual you get to claim on your federal income taxes. Each dependent can substantially reduce your taxable income – ultimately lowering your taxes. In 2016, the personal exemption will increase from $4,000 to $4,050. For a household of four (married couple with two qualifying minors), these…

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Top 3 Ways Teens Make Great Money – with Teenpreneur Eva Baker

Eva Baker Top 3 Ways Teens Make Money interview

Eva Baker is a teen who encourages her peers to make money, spend wisely, and make plans for the future. She found the Top 3 ways a teen can make money: Starting a small business, Applying for scholarships and getting a part-time job

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When You Can’t Pay The Tax Bill: Income Tax Collections and the IRS

taxes with andy magnus

What would you do if you receive a letter from the IRS stating you owe taxes? Andy Magnus, ex-IRS Agent and long-time CPA, says “If you receive a letter from the IRS stating you owe taxes and they are trying to collect, your first responsibility is to verify that you do actually owe. If you…

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Debt Freedom Story by Jessica Garbarino

Jessica Garbarino interview on No Debt No Credit No Problems

Jessica Garbarino found herself $56,000 in debt. While paying it off she lost her job – and her house to foreclosure! Renewed, she paid off all her debt

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I have old 401(k)s. Should I cash them out?

what to do with old 401k accounts

Client asks: “I have old 401(k)s from previous jobs. Should I cash them out to pay off some bills?” Here are 4 situations to consider cashing out old 401(k) accounts

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