A third common question asked during tax season is will I have to pay taxes on my social security benefits? If the benefits are supplemental security income, also known as SSI, those payments are not taxable. However, if the income includes monthly retirement, survivor, or disability benefits the question is not answered as easily as […]
Archives for March 2014
Tax Season FAQs (Part 2 of 4)
A second common question asked during tax season is what is the age limit on claiming a child as a dependent? A child must be under the age of 19 at the end of the year or a student under the age of 24 at the end of the year and must be younger than […]
Tax Season FAQs (Part 1 of 4)
One common question asked during tax season is whether or not a college student with a part-time job, who can still be claimed as a dependent, can claim a personal exemption when filing his or her own tax return? The answer is no. Your son or daughter’s tax return should have the box checked stating […]