The Qualified Business Income Deduction (QBI) allows pass-through businesses, including eligible small business owners, to deduct up to 20% of their qualified business income. Pass-through business...
You can only claim the medical expense deduction if you meet specific criteria, including having expenses that are considered qualified medical expenses. Go to this section in Credit Karma Tax: Med...
If you purchased health insurance from the Health Insurance Marketplace, also known as an Exchange, and received advance payments of the premium tax credit, Form 8962 is used to reconcile the advan...
You can receive tax-free distributions from your HSA to pay or be reimbursed for qualified medical expenses you incur after you establish the HSA. Go to this section in Credit Karma Tax: Form 1099-...
The primary taxpayer is the individual listed first on the tax return, not necessarily the one has the higher income, or pays more taxes. Keep in mind that the IRS prefers consistency in the spouse...
The Child Tax Credit can reduce your federal income tax due by $2,000 per qualifying child. You’ll only be able to claim the Additional Child Tax Credit if the amount of your Child Tax Credit is mo...
In certain circumstances, you can still file as Head of Household on your federal return even if another taxpayer is claiming your qualifying child as a dependent. This can be common for parents in...
When you are a statutory employee you are considered an employee for Social Security and Medicare taxes but for most of your federal income taxes you are considered an independent contractor. As a ...
The IRS may issue your refund as quickly as 21 days after you file but some tax returns take longer to process. If you are claiming the Earned Income Tax Credit or the Additional Child Tax Credit, ...
If you choose to receive your federal tax refund by direct deposit, make sure to double-check your direct deposit information to ensure it’s correct so you are able to receive any refund you’re due...