Category: Single Mom CPA

Single Moms Can Deduct up to $2,500 of Student Loan Interest

If you’re paying down a student loan for either you or your child, you can deduct up to $2,500 of the interest on your tax return – and you don’t even have to itemize to get that deduction. Yes, there are limits on the amount you can deduct, but many Americans can take advantage of...

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Single Moms: Don’t Let your Ex Tank your EITC Refund

Even the smallest issue with your Earned Income Tax Credit (EITC) claim gives the IRS a reason to deny your claim or delay your refund. And we single moms have so much going on all the time that it’s easy to overlook things and make mistakes. But one of the most common things that block...

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5 Things You Don’t Know About the EITC

The Earned Income Tax Credit, or EITC, is one of the biggest tax credits you can get, but many eligible taxpayers – including single moms – don’t claim it. People have a lot of mistaken ideas about this highly beneficial tax credit, like it’s only for very poor people (not true) or it’s very hard...

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Which Tax Form Should Single Moms Use?

If you’re a single mom, you probably want your taxes to be as quick and easy as possible. But that could end up increasing your tax bill – and saving money can be even more important than saving time. Most single moms can’t use the 1040EZ – it doesn’t allow you to claim your kids...

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Five Most Common Mistakes Taxpayers Make

Tax season is in full swing, and the rush to file is on. And every tax season, millions of taxpayers (and many tax preparers) make mistakes. The five most common mistakes aren’t about typing in wrong numbers, math mistakes, or forgetting to include interest income from your online savings account. Rather, these are more top-level...

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Five Ways Single Moms will be Screwed when Dodd-Frank Disappears…and How to Work Around It

Single moms may face some serious money problems as the new administration moves to dismantle crucial protective financial reforms. Dodd-Frank, officially known as the Dodd-Frank Wall Street Reform and Consumer Protection Act (I added the bold), came in response to the massive financial crisis of 2008 – after millions of Americans lost their homes and...

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