Receiving that first paycheck is a marvelous feeling. Then, you do the math and realize there is some money missing. Wait. Who is FICA, and why are they taking all of my money? When I received my first few paychecks, I made the mistake of calculating how much money I gave to the government; I had to call in sick the next day because it made me nauseous.
Taxes are a hot topic in the United States right now. With April right around the corner and a tax reform announced several months ago, there is a lot to discuss. So much to talk about in fact, we decided to commit an entire seminar on the subject! On Saturday, March 24, we will hold our third ēCO Savings Race University at the Hoover Library to discuss “Tax Return Tips”. We have invited a CPA to teach on all things 2017 and 2018 for this class.
Before the class, we wanted to give you a sneak peek on a few tips we will be talking through:
How do I fill out a 1040 form? The Tax Form 1040 is the U.S. Individual Income Tax Return form- reporting an individual’s gross income. The most commonly used form in the process, but how do we know which version to use and how to fill it out? It’s a very important form that can have a lot of negative repercussions if not filled out correctly.
Who can I claim as a dependent? This is one of the most frequently asked tax return questions. Are you the parent/guardian of a college student or the caretaker of an elderly parent? Then, you have probably asked this question before. There are five different qualifying tests to know if your child can be your dependent for tax purposes. One of those tests is called the “qualifying child test”; it says that child either has to be younger than nineteen or a student under the age of twenty-four by the end of the calendar year. Needless to say, there are many details to cover at our March 24 seminar!
How will the 2018 tax reform affect me? There are so many questions! Some of the most popular topics with the next tax reform include: percentages, deduction options, child tax credit, new home owners, and more. We will go over all of the changes, so you will know exactly what to expect this time next year! The more you know, the more you can prepare.
We are excited to host a class on tax return tips in 2018, and we hope you are too! This is an absolutely free class in the Shakespeare Room of the Hoover Public Library. It will begin at 10:30 a.m., and we will provide snacks as well! If you are waiting to file this year’s taxes or you are worried about next year’s, make sure to stop by next Saturday morning! To register, click here.
Written by: Georgia Hux
Georgia is the Marketing Coordinator at ēCO Credit Union. She loves spending time with her husband Aaron, playing with her dog Tuff, and trying to make her house look like Chip & Jo stopped by to help.