Tax Nitty Gritty

disability
Feb 26th, 2015

Social Security Benefits – How Much Is Taxable

Ed note: Taxes on social security benefits are confusing. You report them on your tax return, but they are often not taxed. Here are a few general rules of thumb from our experts at the Tax Institute. All social security benefits, whether in the form of retirement benefits, survivor benefits or disability benefits, are taxed […]

Bureau of Treasury
Feb 17th, 2015

Refund Offsets and Injured Spouse Forms

You prepared your tax return. It showed you were due a refund. The return was filed and accepted with the IRS. The refund never came. After you’ve doubled checked to make sure your bank information and/or mailing address was perfectly correct on your return, you may want to determine whether your refund was taken as […]

employer
Feb 15th, 2015

Do you have the right amount of taxes withheld from your paycheck?

Ed note: It’s easy to think about taxes now, when the filing deadline is staring you in the face, but did you know there is something you can tweak any time of year that could affect your taxes? They are withholdings – and how much is withheld is determined by your W-4. Learn more about […]

alimony
Feb 11th, 2015

Child Support, Alimony and Your Tax Return

Ed note: Are child support payments considered income? Do I get a deduction for paying alimony? While we often think of the emotional issues involved in divorce, there are a lot of financial ones too. And tax time has a way of bringing the financial concerns to the surface. Leer en español. If you are in […]

child
Feb 10th, 2015

Common Misconceptions About Reporting Dependents

Ed note: In its simplest form, a dependent is a person who relies on another. In the world of the IRS and taxes, a dependent is a more specific and complicated thing. Leer en español. You are allowed to claim one exemption for each person you can claim as a dependent. This is important, since exemptions […]

Filing Status
Feb 9th, 2015

Breaking Down the “Marriage Penalty”

Ed note: Have you heard of the “marriage penalty?” No, it doesn’t refer to your friends trashing you because you tied the knot. It’s a common tax phrase, but it can be confusing and complicated. Miranda Marquit has some examples that will illustrate it more clearly. Leer en español. For the majority of married couples, filing […]