Category: Do Your Own Taxes

Should I Withdraw from My IRA or 401k?

Know This BEFORE You Pull Money from Retirement Accounts The CARES Act (aka the Coronavirus Aid, Relief, and Economic Security Act) made it easier than ever to borrow or withdraw money from your retirement accounts before retirement age. And even though most of the normal rules of personal finance have flown out the window during...

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$1,200: Everything You Need to Know About Your Stimulus Check

You have questions about the government stimulus checks. Here are the answers you can trust. Who gets a payment? Every adult with a Social Security number who earns no more than the income caps (those in a second) will get an automatic $1,200 payment from the IRS. The income limits are based on your adjusted...

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What to Do If the IRS Took Your Refund for Student Loans

Are you behind on your student loans? Many single moms face this same struggle. When budgets are super tight, student loan payments drop out of the “necessity” column. Because, honestly, those payments aren’t nearly as important as food, clothing, shelter, and medical care. And if you have federal loans, your lenders are hooked into the...

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Business Tax Prep Checklist for Freelancers, Contractors, and 1099 Workers

Gather all of your business tax information here, and the hardest part of doing your taxes is done. Whether you DIY your taxes or go to a tax pro, this is what you’ll need to have on hand. Copy of last year’s tax return Your business tax ID number (if different than your Social Security...

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2019 Tax FAQ's

Got tax questions? I have the answers. All of those confusing changes in the TCJA (Tax Cut and Jobs Act) have led to some unexpected outcomes – like teeny, tiny refunds or surprise tax bills. Plus, the forms that were supposed to be “postcard-simple” are confusing even for the experts. I’ve been getting a lot...

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Save $2,000 Using Head of Household Tax Status…Here’s How to Qualify

Updated for 2019 You can save more than $2,000 on your tax bill by checking one little box: Head of Household status. That’s why you and every eligible single mom should claim Head of Household (HoH) status… to keep that income tax bill as low as possible. Using this filing status can save you hundreds,...

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