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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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business tax
Manisha Hansraj
Mar 28, 2019

Can I Deduct My W-2 Job Expenses?

The new tax season brought in a lot of changes, and your job expenses are one of them. If you’ve noticed on your tax returns that you can’t deduct your W-2 job expenses for 2018, you’re partially correct. Unfortunately, not everyone can claim their out-of-pocket job expenses. Here’s the breakdown. Eligibility The new tax laws […]

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What is a 1098-T Form?
Manisha Hansraj
Feb 27, 2019

What is a 1098-T Form?

Unfortunately, education isn’t free for some students. If you’re a college student, parent, guardian or anyone paying out-of-pocket for tuition, fees, and required course materials needed for enrollment, you will receive a Form 1098-T. This tuition statement form reports all of your transactions, which means the payments you make to your school. What does a 1098-T […]

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taxes 2019
Manisha Hansraj
Dec 28, 2018

How to File Your 2018 Taxes

Did you forget to file your 2018 taxes? Whatever the situation may be, when it comes to filing a forgotten tax return, stress usually rears it’s head. We’re here to help. If you haven’t filed your 2018 tax return as yet, you may be confused why the 1040 form looks different. Here’s what you need […]

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tax benefits in 2025
Manisha Hansraj
Dec 24, 2018

Instructions for Filing the New 2018 Form 1040!

The IRS finally released the new 2018 tax return. You’ll see some obvious changes in the new tax return. But first, here’s a breakdown of how to report your tax information. Keep reading to find out how filing this upcoming tax season will be different. Introducing Schedules 1 – 6 Form 1040 will be shorter […]

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How are Charitable Deductions Affected by the TCJA?
Manisha Hansraj
Nov 27, 2018

How are Charitable Deductions Affected by the TCJA?

Generosity has its perks, or rather its tax benefits. Keep in mind, taxpayers are able to easily itemize once they exceed their standard deduction. This typically happens by taxpayers claiming charitable donations along with any expenses they have. It then becomes greater than their standard deduction. However, the standard deduction is twice the amount for 2017. […]

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Cyber Monday is HERE, with some sales tax…
Manisha Hansraj
Nov 26, 2018

Cyber Monday is HERE, with some sales tax…

We’ll surf through crowds to get our hands on the newest flatscreen tv. Like most Americans, we rush to get deals on Black Friday, or even better Cyber Monday. However, taxpayers rely heavily on Cyber Monday to buy the items they have on their wishlist because if an online retailer doesn’t have a physical presence […]

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e-filing 2020 tax
Manisha Hansraj
Sep 19, 2018

When is the Deadline to File Taxes for 2018?

Am I too late to file my 2017 taxes? For taxpayers who are receiving a refund, there’s absolutely nothing to worry about! The IRS does not attach penalties to late returns that have refunds. On the other hand, if you had a tax due to the IRS, you must have paid your taxes to the IRS by […]

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Can I pay my federal taxes with a credit card?
Manisha Hansraj
Sep 10, 2018

Can I pay my federal taxes with a credit card?

The IRS can’t directly accept credit card payments due to tax laws. However, they can accept payments through a third-party processor. For example, online tax preparation companies are third-party processors since they are designated by a merchant to handle transactions for merchant acquiring banks. They can then assist you in making your credit card payment […]

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New Tax Plan: Trump’s Six Big Changes
admin
May 23, 2017

New Tax Plan: Trump’s Six Big Changes

Is Trump’s new tax plan making filing simpler, or is it really just a helping hand for the wealthy? We’re reminded daily of the new guy in town…or office. Whether that reminder comes from seeing his face on a t-shirt or a protester’s sign outside your office window is a different story. Let’s put the […]

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Obamacare VS. Trumpcare: 3 Ways Taxes Will Be Affected
admin
Apr 14, 2017

Obamacare VS. Trumpcare: 3 Ways Taxes Will Be Affected

Obamacare made it through the election. Will it stay on your tax return? Every new president brings on a new aura for Americans to bask in, and while emotions run high, opinions begin to surface. Suddenly, cheerful holiday dinners turn into political debates. Some chime in while the rest of us are just trying to decide between […]

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