College costs are overwhelming to many students and parents today. Financial aid barely covers the cost of tuition in some instances. Students are often put into debt regarding their student loans because their personal finance situation becomes unmanageable. This even happens with those who have graduated and are using their degree! With education costs being […]
College & Taxes | How to File Taxes as a Student Read More »
If you have a dependent who does not qualify for the Child Tax Credit, you may be able to benefit from the Credit for Other Dependents. This tax credit is a nonrefundable credit worth up to $500 per eligible dependent and cannot be claimed for the Child Tax Credit. Not everyone has a family with
Tax Credit for Other Dependents | Your How-To Guide Read More »
The lottery and taxes go together like peanut butter & jelly, although it does not taste nearly as good. In 2018, when the lottery was up in the billions – that’s right, billions with a “B”, there was much discussion about the amount of tax that would be owed from the winner would owe. Sandra
Lottery and Taxes | What You Need to Know about Your Winnings Read More »
It’s never pleasant to think about the death of a loved one, but if there is the possibility that you will receive an inheritance, you may have to pay taxes on it. Of course, the last thing you want to think about when going through a loss is the tax consequences of an inheritance, but
How Will My Inheritance be Taxed? Read More »
By now, you’ve heard of Uber and/or Lyft. They are called “rideshare” jobs, simply because you are sharing your ride with someone by giving them a lift from one location to another. This article will touch on the basics of ridesharing in general as well as rideshare and taxes. We’ll also cover how to join
Rideshare and Taxes | 2020 Complete Guide Read More »
Being a homeowner can be beneficial. You are allowed to deduct certain housing expenses that can lower your tax bill. As a taxpayer, it’s important to keep your tax bill as low as possible as it may keep you from having unexpected tax debt. Luckily, homeowners have a number of tax breaks that they can
Real Estate & Taxes | A Beginner’s How-To Guide Read More »
Claiming Dependents Claiming dependents can be very beneficial. The government realizes that having dependents costs you money, and they have worked to ensure that you receive the best benefits, including credits, deductions, and other benefits. In this article, we will look at what qualifies a dependent and all of the benefits you can receive for
Claiming Dependents | Your How-to Guide Read More »
If you are looking for the right way to find a great tax consultant or tax preparer, then keep reading. This article is full of valuable information, so you may want to take notes or bookmark it. In this article, we will take a look at the definition of the different types of tax professionals,
Tax Professional | Everything You Need to Know Read More »
What you use as your tax filing status is very important as it impacts the type of return you will be using when filing your tax return. It also determines what tax rate you will need to use. For example, if you file as head of household status, you will use the head of household
Tax Filing Status | What is Right for You? Read More »
If you are starting a new business, you are probably facing a lot of business start-up costs. This can be very confusing when it comes to taxes. What can you deduct in year one, and how do you make deductions in the following years? It’s an overwhelming situation. Luckily, the government allows you to deduct
Business Startup Costs & Taxes: What and How to Make Deductions Read More »
Subscribe to our newsletter to receive news, updates, and valuable tips.
Copyright © 2024 Borshoff Consulting | All rights reserved | Tax Consultant in Carmel, IN
Download our guide to ensure you know everything you need to and are prepared to deal with the IRS.