To qualify for the credit, your child must meet several criteria based on age, relationship, support, dependency, citizenship, and residence. The child must be under 17 years of age, biologically related to you, be claimed by you as a dependent, and not provide more than 50% of his or her own financial support.
Read More: How the Child Tax Credit Works and How It Can Impact Your ReturnSome taxpayers are selected at random, but most of them are chosen because their Discriminant Information Function (DIF) scoring system has found some red flags.
Read More: 4 IRS Audit Triggers and How to Avoid ThemYou may be sick of staring at spreadsheets and teaching yourself how to use accounting software — all while you find yourself losing track of records. You might be worried about missing out on important deductions or overdue invoices. You may be thinking about hiring a professional bookkeeper, which can come with a number of benefits.
Read More: 7 Reasons to Hire a Professional BookkeeperAvoiding these common tax filing mistakes can save you time, money, and stress. Whether you choose to file your taxes yourself or hire a professional, staying informed and organized is key.
Read More: 11 Tax Filing Mistakes To AvoidIn this guide, we’ll explore the advantages and disadvantages of filing for a tax extension until October 15th, helping you make an informed decision.
Read More: Pros and Cons of Filing for a Tax ExtensionThe tax landscape for the self-employed is multifaceted, demanding a proactive approach to financial planning. Unlike traditional employees, self-employed individuals must take charge of calculating and paying taxes throughout the year.
Read More: Tax Planning for the Self-Employed: Strategies for Success500 N Shoreline Blvd # 1010
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