It’s Tax Time come file your taxes with me! Check back periodically for Khadija Jackson Tax Tips💅🏾:
📌Tax Basics: What is Taxable Income?<<<
Types of income subject to taxation: earned income and unearned income. Earned income includes:
• Unemployment benefits
• Sick pay
• Some noncash fringe benefits
Taxable unearned income includes:
• Profit from the sale of assets
• Business and farm income
• Gambling winnings
It is possible to reduce taxable income by contributing to a retirement account like a 401(k) or an IRA.
📌Up to 3 kids are taxable! The forth, fifth and sixth the other parent can claim.
📌If you are the father, you do have the right to claim your child. There is no argument for the fact if your child or children lived or lives with you 6 months out of the year you have the same rights as the other parent or person claiming your child.
📌Learn how and why to Save 35% of your Tax Refund, you will thank me later.
Find out more on Khadija’s Tax Tips on My social media blog. I’ll post periodically more tips to help you get back the most money during tax season. Don’t forget to visit your nearest tax office!!!
Background Tax Education from Working for tax companies.
Information from Publications 17