Malakian Financial Services, Inc.

01/02/2018

2018 TAX REFORM

News. 2018 TAX RETURN CHANGES.

04/04/2017

Five Reasons to Choose Direct Deposit

News. Five Reasons to Choose Direct Deposit.

02/18/2017

04/02/2014

Two Tax Credits Help Pay Higher Education Costs

Did you, your spouse or your dependent take higher education classes last year? If so, you may be able to claim the American Opportunity Credit or the Lifetime Learning Credit to help cover the costs. Here are some facts from the IRS about these important credits.
The American Opportunity Credit is:...

04/02/2014

Changes in Circumstances can affect your Premium Tax Credit

If you receive advance payment of the premium tax credit in 2014 it is important that you report changes in circumstances, such as changes in your income or family size, to your Health Insurance Marketplace.
Most people already have insurance and they won’t have to do anything new. If you are lookin...

04/02/2014

IRS Virtual Currency Guidance: Virtual Currency Is Treated as Property for U.S. Federal Tax Purposes; General Rules for Property Transactions Apply

WASHINGTON – The Internal Revenue Service today issued a notice providing answers to frequently asked questions (FAQs) on virtual currency, such as Bitcoin. These FAQs provide basic information on the U.S. federal tax implications of transactions in, or transactions that use, virtual currency.
In so...

04/02/2014

Tax Rules for Children with Investment Income

You normally must pay income tax on your investment income. That is also true for a child who must file a federal tax return. If a child can’t file his or her own return, their parent or guardian is normally responsible for filing their tax return.
Special tax rules apply to certain children with in...

04/02/2014

Time Expiring to Claim $760 Million in Refunds for 2010 Tax Returns

If you did not file a tax return for 2010, you may be one of over 900,000 taxpayers who may be due a refund from that year. If you are, you must claim your share of almost $760 million by the April 15 tax deadline. To claim your refund, you must file a 2010 federal income tax return. Here are the fa...

03/26/2014

The Individual Shared Responsibility Payment – An Overview

Starting January 2014, you and your family must either have health insurance coverage throughout the year, qualify for an exemption from coverage, or make a payment when you file your 2014 federal income tax return in 2015. Many people already have qualifying health insurance coverage and do not nee...

03/26/2014

Don’t Overlook the Child and Dependent Care Tax Credit

Many people pay for the care of their child or other dependent while they’re at work. The Child and Dependent Care Credit can reduce that cost. Here are 10 facts from the IRS about this important tax credit:
You may qualify for the credit if you paid someone to care for your child, dependent or spou...

03/26/2014

Early Retirement Plan Withdrawals and Your Taxes

Taking money out early from your retirement plan may trigger an additional tax. Here are seven things from the IRS that you should know about early withdrawals from retirement plans:
An early withdrawal normally means taking money from your plan before you reach age 59½.
If you made a withdrawal fro...