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Category: Tax and Life Changes

Life changes and your taxes go hand in hand; believe it or not. That being said, it’s easy to forget about your tax return as a newlywed or when you’re welcoming a newborn into the family. Be aware that many of these changes also make you eligible for deductions and credits on your tax return. In some cases, you may need to update your W-4 form as well. PriorTax will keep you up to date on what to do when these life changes occur. You won’t be left in the dark.

Check back here for answers to your questions about how these changes affect your taxes.

 

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Earned Income Tax Credit (EITC) in 2023
admin
Apr 6, 2023

Earned Income Tax Credit (EITC) in 2023

Designed to provide financial relief, the low-to-moderate-income worker’s and family’s credit seeks to help those struggling to make a living wage.

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w2 form 2022
admin
Jan 20, 2023

W2 Tax Form for 2022

Those who work full-time can begin this process once they receive their W2 Form for 2022 from their employer. This document is critical as it provides information needed to submit your taxes correctly and calculate any potential tax refund.

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efile taxes
admin
Jan 7, 2023

Benefits to Efile taxes when online tax filing for 2022

Efile taxes electronically is quick, easy, and processed faster than mailing your return. Plus, the IRS recommends Efiling as the best way to file your taxes. Here’s a breakdown of the benefits of Efiling your taxes

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child tax credit 2022
admin
Nov 7, 2022

Child Tax Credit 2022

The Child Tax Credit 2022 is a powerful tax tool that can save your taxes. The Child Tax Credit 2022 is now worth up to $2,000 per qualifying child and used to reduce the tax you owe.

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student loan forgiveness
admin
Sep 9, 2022

Updates on Student Loan Forgiveness

As higher education costs continue rising, many students struggle to repay their loans. US Government proposes a new income-based repayment and Student Loan Forgiveness plan to make the lending process more manageable for future borrowers.

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education tax credit
admin
Aug 16, 2022

How to Prepare your Education Tax Credit

Are you or is your dependent a student? Then you might want to determine whether you qualify for one of two education tax credit covering typical student expenses. You can skip paying federal income taxes if you use an education tax credit to cover expenses other than the money in a 529 college savings plan.

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taxes on tip
admin
Jun 9, 2022

How Do I Report Taxes on Tip Income for my Tax Return?

How to report taxes on tip Income for my Tax Return. If you are a server or barista making tips, you need to know how these tips will factor into your taxes. You report taxes on tip just like you report taxes on the rest of your income.

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Tax Deduction for Homebuyers and Home Sellers
admin
Jun 3, 2022

Tax Deduction for Homebuyers and Home Sellers

If you were a homebuyer or home seller in the past few years, your tax filing will be different compared to the years before. Here is what you need to know about the changes to expect.

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filing tax when unemployed
admin
Apr 6, 2022

Filing Taxes When Unemployed

Filing tax when unemployed guidance to help taxpayers better understand what types of income may be taxable when their form W-2 is not issued because they have lost their job or are not working.

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2019 Tax Calculator
admin
Nov 8, 2021

2019 Tax Calculator

If you need to file back taxes for 2019, a tax calculator is something you’ll want to have in your back pocket during the process. A federal tax calculator for the 2019 tax year will give you an estimate of what your tax liability was for that year and can help guide your next steps.

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