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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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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3 Government Branches of Taxation

taxes with andy magnus

Ex-IRS agent, Andy Magnus from ProactiveTaxPros.com, shares the three levels of government that affect tax policy and enforcement: Executive Branch: Enforces tax law and interprets how the law is applied Legislative Branch: Enacts tax law Judicial Branch: Interprets tax law when it is disputed Listen to the discussion by clicking here –> Executive Branch They will write…

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What are the tax benefits of a home business?

taxes with andy magnus

Millions of people have found ways to earn money with a “side hustle”: Creating crafts and knickknacks Multi-level marketing opportunities Bookkeeping Blogging or internet marketing Podcasting or Podcast Production services The tax benefits of a home business can save you hundreds of dollars – legally. Andy Magnus shared some of this information on my show. Click here…

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