Stimulus Checks Are Rolling In

Here’s some good news from last week: people are finally receiving their stimulus checks! In mid-April, we asked our members if they expected to receive a check, and we were surprised that an astonishing 27% said no. Fast forward to the end of April, and that number fell by ten percent. We call that progress!…

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What is the Standard Deduction?

The standard deduction is the amount of income you get to deduct from your total taxable income. Because the standard deduction lowers your taxable income, it means you pay less income tax. In 2019, the standard deduction for someone filing as single is $12,200. For a Head of Household, the standard deduction is $18,350. And…

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Can I file taxes if my income was only SS and SSI?

Submitted by Veronica C. Living on only social security income tells me that you are resourceful and doing a good job managing your money. (SS is the benefit that you pay into during your working years and SSI is supplemental income designed to provide additional support for specific situations.) This question is tricky because I’m…

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What is the Earned Income Tax Credit (EITC)?

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Hi, I’m Dirk. I’m a tax expert with Intuit’s TurboTax and I’m here today to talk to you about the Earned Income Tax Credit. What is the Earned Income Tax Credit? It’s a tax credit available for those who are low- and moderate-income families and the benefit varies depending on whether you have children or not. If you’re…

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Do I Need to File a Tax Return?

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Hi, I’m Kasey, and I’m a tax expert here with Intuit’s TurboTax. I’m here today to talk about some frequently asked questions that many taxpayers have. Do I need to file? Not everyone is required to file a tax return every year. Generally, if your income doesn’t exceed certain thresholds, you don’t even have to file a return. The…

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