Anatomy of a 1040, Class 9 Hi Friendos, It’s the middle of August, the tomatoes are on point, you’re havin’ a summah, and it’s the perfect time to talk deductions. Student loan interest. Self-employed health insurance. Certain HSA contributions. And the biggie: Itemized vs standard. This one teaches you why mortgage debt and charitable donations […]
Anatomy of a 1040, Class 3 Hi Friendos, Welcome to our third session of summer school! Last week we discussed the top section of Form 1040, which gathers tax-relevant information. We discussed “filing status,” the very first item at the top of the form, as well as how taxpayers without social security numbers can use […]
(aka: explaining the Standard Deduction and Itemized Deductions in Three Easy Steps) “Everybody knows” that charitable donations are tax-deductible. “Everybody knows” that you get a tax break on your home mortgage. Everybody is mostly wrong. Here’s why: Step 1: In the U.S., it basically works like this: Step 2: You have two options for that […]
Frequently Taxed Questions 