Category: Single Mom CPA

3 Ways You’re LOSING Money by Getting a Big Tax Refund

Getting a big tax refund seems like a good thing – it’s not. In fact, you actually lose money by giving the Federal government an interest-free loan every year. According to the IRS, the average tax refund is $3,120, which works out to $260 a month. There’s a lot we single moms can do by...

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Why It’s Good to Owe Taxes…and 5 Easy Ways to Pay

It’s good to owe taxes when you file your return. I know that sounds crazy, and it’s definitely not a popular opinion…but it’s the best situation for you financially…especially if you're a single mom stretching your income to support your family. After all, there’s a reason it’s called a tax return: The government has to...

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Single Moms: Just 5 Easy Steps to Open an IRA

Lots of single moms aren’t sure how to open an IRA – so they skip it. But, honestly, all it takes is 5 simple steps, and in less than 30 minutes, you can be on your way to a worry-free retirement. Here’s all it takes: Decide whether you want a traditional or Roth IRA. Choose...

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Single Moms: You Can get Cash Back by Taking Advantage of This Education Tax Credit

Putting someone – including yourself – through college can put a major dent in your finances. But a very generous tax credit can put a big chunk of change back in your pocket. The American Opportunity Tax Credit, or AOTC, can chop $2,500 per student off your tax bill. Even better, a pretty big portion...

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Running Late Single Mom? File a Tax Extension

The due date for your income tax return is coming up…fast. But what if you don’t have all the information you need to complete your tax return? Or what if you – like many single moms – just haven’t had time to sit down and do it? Luckily, there’s a super easy fix to keep...

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You Can Easily Fix a Mistake on Your Taxes

When you’re a single mom, it can be tough to find a distraction-free time to do your taxes. And with all of the forms, and papers, and numbers, it’s very easy to make a mistake on your tax return – it happens all the time. People forget to sign their returns, they type in numbers...

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