- Having a Bad Year? You May Qualify For Earned Income Credit
- Many individuals find themselves earning less during these troubled economic times than in years past. As a result, they may find that they qualify for a credit to which they previously were not entitled because of income limitations.
- Don't Forget Those Nominee 1099s
- For tax purposes, if you receive, in your name, income that actually belongs to someone else, you are also a nominee. Being a nominee means you must file with the IRS a 1099 form appropriate to the type of income you received and give a copy of the 1099 to the actual owner of the income. However, if the other person is your spouse, no 1099 filing is required.
- Dependents & Medical Expenses
- Medical expenses paid for dependents may be deducted. To claim these expenses, the person must have been a dependent either at the time the medical services were provided or at the time the expenses were paid.
- To File or Not to File
- A frequent question asked is whether or not an individual needs to file a tax return. There are two issues associated with this question:
- A Name Change Can Complicate Tax Filing
- If you changed your name as a result of a recent marriage or divorce, you will want to take the necessary steps to ensure the name on your tax return matches the name registered with the Social Security Administration (SSA). A mismatch between the name shown on your tax return and the SSA records can cause problems in the processing of your return and may even delay your refund.
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