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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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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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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What Does the IRS Consider Taxable Income?

taxes with andy magnus

Andy Magnus, a CPA and ex-IRS Agent, explains the differences between income that is taxable or non-taxable in the eyes of the IRS. The general rule in the Internal Revenue Code defines all income as money received from any source derived, or for which you receive value. However, there are circumstances where income is not…

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Are you letting your tax refund offset your student loans? Think again!

In a recent interview with Jay Fleischman, a lawyer and host of the Student Loan Show, Jay shared a strategy for repaying student loans: Tax Refund Offsets. A Tax Refund Offset is where the federal government confiscates your tax refund check and applies it to your student loans. Jay said people do that, but it’s not…

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