Is my Scholarship taxable?

Scholarships  received by a student toward a degreed education is tax free for qualified expenses such as tuition, fees, books, supplies and equipment. The room and board and travelling expenses are taxable and should be included in the 1040 tax return.  The scholarships received for a non-degreed education is all taxable. For more information please refer to […]

Are you reaching the age of retirement?

Workers born in 1943 to 1954 can retire with full benefits at the age of 66 years. Workers born in 1960 and after have to wait until they are 67 years old. You may request to receive your benefits at age 62. However, your benefit will be reduced by almost 20%. If you retire at […]

Six most common Tax documents

Six most common documents needed for preparing your Tax Return 1. W-2 form from your current employer and W-2 forms from all the other employers that you might have had in 2017. 2. 1099-Misc forms issued to you as an independent contractor. 3. 1099 Interest and 1099- Div from any bank or broker for accounts […]

How to avoid paying late tax filing penalties

File your tax returns before the Tax Return Deadlines September 15th is the deadline for filing your business tax returns. This date applies to all Corporations, S Corporations and LLC’s. October 15th is the last date for filing your personal tax returns. This date is for the individual tax return extensions. Please visit us at […]