FILING STATUS
I PAY 45% OF ALL MY BILLS AND MY KIDS LIVE WITH ME.
SINGLE
I WORK AT WALMART , I MADE ABOUT $11K BUT I PUT EXEMPT ON MY W4. NO DEPENDENTS. DO I QUALIFY FOR A REFUND? OR WILL I OWE THE IRS?
NEITHER, BECAUSE HIS INCOME IS BELOW THE THRESHOLD OF THE STANDARD DEDUCTION FOR A SINGLE FILER. HE DOESN'T HAVE TO FILE BECAUSE THE STANDARD DEDUCTION IS $15000.
EXPLANATION : $11K IS BELOW STANDARD DEDUCTION SO HE HAS NO TAXABLE INCOME. SO HIS REFUND WOULD BE $0
FORM W2
IS THIS TAXABLE INCOME OR NON TAXABLE INCOME?
TAXABLE INCOME
WHAT RELATIONSHIPS QUALIFIES TO CLAIM THE CHILD TAX CREDIT?
SON/DAUGHTER , SIBLING , STEP CHILD, FOSTER CHILD, STEP SISTER, GRAND-CHILD, NIECE/NEPHEW
WHAT IS DUE DILIGENCE?
BASICALLY DOING YOUR HOMEWORK..
ASKING QUESTIONS , DOCUMENT EVERYTHING.
MY HUSBAND AND I Have been living together for 4 years but he pays all the bills because he makes more than me
MARRIED FILING JOINTLY
I TOOK CARE OF MY MOTHER ALL YEAR.
CAN I GET A REFUND FOR HER?
NO.
EXPLANATION: THEY WILL GET A $500 NON REFUNDABLE CREDIT. THEY WILL NOT SEE ANY INCREASE IN THEIR REFUND SO UNLESS THIS PERSON OWES THE IRS , THIS CREDIT WILL NOT HELP THEIR REFUND BECAUSE ALL IT DOES IS LOWER THE TAX LIABILITTY.
1099-NEC , 1099-K
TAXABLE OR NON TAXABLE?
TAXABLE
WHAT RELATIONSHIPS DOES NOT QUALIFY FOR CTC
COUSIN OR A FRIEND'S CHILD OR ANY OTHER DISTANT RELATIONSHIPS.
SELF EMPLOYED AND NO DEPENDENTS, NO COLLEGE, HOW MUCH CAN I GET?
DEPENDING ON HOW MUCH THEY MADE , THEY MIGHT OWE .
IT'S BEST TO STAY AWAY FROM THESE CLIENTS , THEY TRYING TO SCAM.
I'VE BEEN MARRIED FOR 7YRS BUT I been separated for 6 months
MARRIED FILIING SEPARATE
I DID HAIR OUT OF MY HOUSE AND MADE AT LEAST $20K. I HAVE CASHAPP STATEMENTS .
WHAT PERCERAGE OF TAXES DO I OWE?
SELF EMPLOYED PEOPLE ARE TAXED AT 15.3%
CHILD SUPPORT PAYMENT
NONTAXABLE
NO NEED TO FILE A TAX RETURN
HOW MUCH IS THE NEW CHILD TAX CREDIT ?
HOW MUCH IS REFUNDABLE?
$2200 BUT ONLY $1700 IS REFUNDABLE, THE REMAINING $600 IS NON REFUNDABLE.
I JUST BOUGHT A BRAND NEW CAR , CAN I CLAIM THAT AS A DEDUCTIBLE ?
YES, ACCORDING TO THE NEW BIG BEATIFUL BILL ANYONE WHO BUYS A BRAND NEW 2025 AMERICAN CAR CAN DEDUCT UP TO $10K IN CAR LOAN INTEREST.
I PAY 100% OF ALL MY BILLS, I just got custody of my kids back in October, they been living with their grandma because i couldn't care for them. Now they live with me.
SINGLE
I MADE CASH AS A HOUSEKEEPER , I WORKED AS A MAID 4 DAYS A WEEK CLEANING MY CLIENTS HOUSE.
WHAT KIND OF INCOME DOES THIS FALL UNDER?
HOUSEHOLD EMPLOYEE
WORKER'S COMP
NONTAXABLE
NO NEED TO FILE A TAX RETURN
IS THE OTHER DEPENDENT CREDIT REFUNDABLE?
NO, ANY DEPENDENT FALLING UNDER OTHER DEPENDENT IS A NON REFUNABLE CREDIT.
MOTHER , FATHER , UNCLE , GRANDMA THEY ALL FALL UNDER OTHER DEPENDENT WHICH IS NON REFUNDABLE
How much of the American Opportunity Tax Credit is refundable? (AOTC)
$1000. college student will receive up to $1000 if they attended college at least half the year.
The total credit is $2500 but only 40% is refundable.
I HAVE 3 KIDS BUT I JUST RECENTLY MOVED WITH MY MOM IN SEPTEMBER BECAUSE SHE IS GETTING OLDER AND NEEDS HELP AROUND THE HOUSE.
HEAD OF HOUSEHOLD
MY FATHER IS DISABLED And HE LIVES WITH ME.
HOW MUCH CAN I GET FOR HIM?
$0. BECAUSE THIS CREDIT IS NONREFUNDABLE
THE $500 OTHER DEPENDENT CREDIT IS NON REFUNDABLE, IT WILL JUST LOWER THE CLIENTS TAX LIABLITY BUT THEY WILL NOT SEE A INCREASE IN THEIR REFUND. SO IF THE REFUND IS $3550 AND THEY ADD THEIR DISABLED FATHER THE REFUND WILL STAY AT $3550
SOCIAL SECRUITY DISABILITY INCOME BELOW $25K
NON TAXABLE, NO NEED TO FILE A TAX RETURN
IF YOUR CLIENT ADOPTS A CHILD , HOW MUCH IS THE ADOPTION CREDIT?
HOW MUCH IS REFUNDABLE?
THE ADOPTION IS CREDIT IS $17280 PER CHILD.
$5000 is refundable
WHAT ARE THE TOP NON REFUNDABLE CREDITS?
CHILD CARE CREDIT (DAYCARE PAYMENTS)
LIFE TIME LEARNING CREDIT (COLLEGE 4 YEARS OR LONGER)
MORTGAGE INTEREST (TAX BENEFIT FOR HOMEOWNER)
FOREIGN TAX CREDIT (IF YOU PAID TAXES OUT THE COUNTRY)
SAVER'S TAX CREDIT (IF YOU SAVE FOR RETIREMENT)