Posts in Category: Taxes

5 Ways to Boost Your Financial Health Amidst COVID-19 

Posted by Jeremy Wascak April 10, 2020 Categories: Budgeting Community Loans Retirement Saving Taxes
Financial decisions can feel complex and hard even under normal circumstances. If the current market volatility has you questioning what are the “right” actions you should take now, you are not alone. Here are five concrete ways for you to
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Is My Child's Summer Camp Tax Deductible? 

Posted by Jeremy Wascak December 18, 2019 Categories: Taxes
Ah, good old summertime – what a wonderful relaxing time of the year. Unless you have kids, of course, in which case there’s a whirlwind of activity in your house as soon as school is out. But then comes the blessed time of summer camp, when
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What Parts of My House Payment are Tax Deductible? 

Posted by Jeremy Wascak December 18, 2019 Categories: Taxes
While there are plenty of expenses that come along with owning a house, there are some tax benefits too. If you’re looking to get the most out of your home, here are five tax breaks for homeowners you want to stay on top and keep a record of.
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What's the Difference Between a Tax Credit and a Tax Deduction? 

Posted by Jeremy Wascak December 18, 2019 Categories: Taxes
“Just write it off.” “Go ahead and deduct it.” “I think there’s a tax credit for that.” Although you might have heard or even uttered one of the sentences above, have you ever wondered what it actually means? While both tax deductions and
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Can I Claim My Girlfriend or Boyfriend as a Dependent? 

Posted by Jeremy Wascak December 18, 2019 Categories: Taxes
Are you living with your girlfriend or boyfriend? Have you ever wondered whether or not you could claim him or her on your tax return as a dependent? Like many things in life, it depends. Even if it feels like an awkward thing to wonder, it’s worth
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Tax Benefits for Having Dependents 

Posted by Jeremy Wascak December 18, 2019 Categories: Taxes
Kids can be overwhelming when they are cooped up in the house during summer break, but they are also blessed tax-savers when you file your taxes. Even though the dependency exemption of $4,050 was eliminated under the new tax law beginning with
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Tax Tips for Uber, Lyft, Juno and Other Ride Sharing Drivers 

Posted by Jeremy Wascak December 18, 2019 Categories: Taxes
When you're a driver for a ride-sharing company such as Uber, Lyft, Juno, the most important thing to understand about your taxes is that you are probably not an employee of Uber, Lyft or Juno. Drivers for these companies are usually independent
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I've Started My Own Business, Now What?  

Posted by Jeremy Wascak December 18, 2019 Categories: Taxes
Congratulations! As you start to find your bearings and navigating your way as a new business owner, it’s important to remember certain tax implications. Towpath Credit Union breaks down a few tips to get you off on the right tax foot and keep your
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Tax Tips for the Self-Employed 

Posted by Jeremy Wascak December 18, 2019 Categories: Taxes
Whether you’re a seasoned business owner, newly self-employed or testing out a side-gig, TurboTax has you covered on tax tips, deductions, and tax forms for your business income. Below, we break down common write-offs for different types of
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Can You Deduct 401K Savings From Your Taxes? 

Posted by Jeremy Wascak December 18, 2019 Categories: Taxes
The contributions you make to your 401(k) plan can reduce your tax liability at the end of the year as well as your tax withholding each pay period. However, you don’t actually take a tax deduction on your income tax return for your 401(k) plan
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Will Getting Married Change My Tax Situation? 

Are you planning to get married or are getting married soon? If so, congratulations!
December 18, 2019 Categories: Taxes
As you and your significant other plan for the big day and your life together, there is a lot to take into consideration. And as fun as planning your wedding may be, don’t forget about your taxes as well – just because you have hearts and flowers on
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