You should always report your income from your side jobs especially that you will most likely receive a 1099 for your income. Just remember to keep track of your expenses to offset your side income.
You should always report your income from your side jobs especially that you will most likely receive a 1099 for your income. Just remember to keep track of your expenses to offset your side income.
It depends on your situation; some small business owners may save up to 20% in taxes and others may pay more as the new limit on state income taxes and property taxes.
Refunds from IRS are usually processed in 21 days. The status of your refund is available in a day after your taxes are e-filed. Here is a link to check the status of your refund on IRS:
https://sa.www4.irs.gov/irfof/lang/en/irfofgetstatus.jsp
When the talk of tax reform first began last year, there was a lot of theory about the implications for educational loans and debt. Because students seeking loans, and those already paying on student loans worried that the changes would mean money out of their pockets.
Here is what is left intact:
Changes related to the Section 529 accounts:
Use of Section 529 accounts is expanded. Per US Security and Exchange Commission, A 529 plan is a tax-advantaged savings plan designed to encourage saving for future college costs. 529 plans, legally known as “qualified tuition plans,” are sponsored by states, state agencies, or educational institutions and are authorized by Section 529 of the Internal Revenue Code.
Contributions to a 529 plan aren’t deductible, but amounts deposited in the plan can grow tax free until distributed
Starting in 2018
The new legislation only affects the federal tax treatment. Each state is to review the impact to determine if they will adopt a similar approach at a state income tax level.
There is a $2,000 annual contribution limit to Coverdell Education Savings Accounts (Contributions to a Coverdell ESA aren’t deductible, but amounts deposited in the account can grow tax free until distributed). The ability to contribute is phased out when income exceeds the phaseout limit.
Note: For people who are just starting to get educational funding in 2018, it will be important to understand the different types of student loans available and what the tax consequences will be when 2018 taxes get filed. Obtaining all of the information you can and planning accordingly will give you the best tool to minimize the tax impacts and alleviate any unintentional impact to your credit score. To leave yourself in the best shape in terms of both taxes and credit, plan for your tax liability and use different strategies to repay your student loans.
You might be eligible for a child tax credit. This credit is up $1000 per each eligible child. There are seven qualifying tests that have to be met according to IRS.
Married Taxpayers return $110,000
Married filing separate $55,000
Other taxpayers $75,000
This credit is generally limited by the amount of tax you owe.