The Premium Tax Credit is a refundable tax credit designed to help eligible individuals and families with low or moderate income afford health insurance purchased through the Health Insurance Marketplace, also known as the Exchange. The size of your Premium Tax Credit is based on a sliding scale. Those who have a lower income get…
Your tax situation changes when you get married, and your options for filing taxes for the entire year are based on your marital status as of December 31. How Does Marriage Affect Taxes? Taxes can have a wide range of effects on marriage. Although everyone’s circumstances are unique, there are some tax advantages to marriage…
When people get married their tax situation often changes. A taxpayer’s marital status as of December 31 determines their tax filing options for the entire year, but that’s not all newlyweds need to know. Here’s a tax checklist for newly married couples: Name and address changes Name – When a name changes through marriage, it’s…
Some taxpayers are eligible for more than one filing status. As they get ready for the upcoming filing season, taxpayers should carefully review their options to pick the filing status that makes the most sense for them. Those who are only eligible for one filing status should be sure to review their situation after a…
When I was a second semester freshman at the University of Pittsburgh, I was your typical “broke” college student. I had less than $100 in my bank account and a majority of my undergraduate college education was funded with student loans. I managed my daily expenses through my paid work study position, extra money from…
Some people may choose not to file a tax return because they didn’t earn enough money to be required to file but may miss getting a refund if they don’t file. While the filing deadline is October 17, 2022 to file 2021 tax returns, the IRS strongly encourages individuals to consider filing electronically sooner, rather…
Marriage changes a lot of things and taxes are on that list. Newlyweds should know how saying “I do” can affect their tax situation. Here’s a checklist of items for newly married couples to review: Name and address changes Name. When a name changes through marriage, it is important to report that change to the…
