Armstrong Don CPA Inc

Armstrong Don CPA Inc
Armstrong Don CPA Inc is listed in the Accountants Certified Public category in Norman, Oklahoma. Displayed below is the only current social network for Armstrong Don CPA Inc which at this time includes a Facebook page. The activity and popularity of Armstrong Don CPA Inc on this social network gives it a ZapScore of 60.

Contact information for Armstrong Don CPA Inc is:
121 W Main St
Norman, OK 73069
(405) 321-7621

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Armstrong Don CPA Inc has an overall ZapScore of 60. This means that Armstrong Don CPA Inc has a higher ZapScore than 60% of all businesses on Zappenin. For reference, the median ZapScore for a business in Norman, Oklahoma is 40 and in the Accountants Certified Public category is 15. Learn more about ZapScore.

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Some children receive investment income and are required to file a federal tax return. If a child cannot file his or her own tax return for any reason, such as age, the child's parent or guardian is responsible for filing a return on the child's behalf. There are special tax rules that affect how parents report a child's investment income. Some parents can include their child's investment income on their tax return. Other children may have to file their own tax return. Here are four facts from the IRS about the taxability of your child's investment income: 1) Investment income normally includes interest, dividends, capital gains and other unearned income, such as from a trust. 2) Special rules apply if your child's total investment income is more than $1,900. The parent's tax rate may apply to part of that income instead of the child's tax rate. 3) If your child's total interest and dividend income is less $9,500, you may be able to include the income on your tax return. See Form 8814, Parents' Election to Report Child's Interest and Dividends. If you make this choice, the child does not file a return. 4) Your child must file their own tax return if they received investment income of $9,500 or more. File Form 8615, Tax for Certain Children Who Have Investment Income of More than $1,900, with the child's federal tax return.

BEWARE OF BOGUS IRS EMAILS: The IRS receives thousands of reports every year from taxpayers who receive emails out-of-the-blue claiming to be from the IRS. Scammers use the IRS name or logo to make the message appear authentic so you will respond to it. In reality, it's a scam know as "phishing," attempting to trick you in to revealing your personal and financial information. The criminals then use this information to commit identity theft or steal your money. The IRS has this advice for anyone who receives an email claiming to be from the IRS or directing you to an IRS site: 1) Do not reply to the message; 2) Do not open any attachments. Attachments may contain malicious code that will infect your computer; and 3) Do not click on any links in a suspicious email or phishing website and do not enter confidential information. Visit the IRS website and click on "Identity Theft" at the bottom of the page for more information.

Last two parent tax benefits: 7) STUDENT LOAN INTEREST--You may be able to deduct interest you paid on a qualified student loan, even if you do not itemize your deductions. 8) SELF-EMPLOYED HEALTH INSURANCE DEDUCTION--If you were self-employed and paid for health insurance , you may be able to deduct premiums you paid to cover your child. It applies to children under age 27 at the end of the year, even if not your dependent.

More parent befits: 5) ADOPTION CREDIT--You my be able to take a tax credit for certain expenses you incurred to adopt a child. 6) HIGHER EDUCATION CREDITS--If you paid higher educations costs for yourself or another student who is an immediate family member, you may qualify for either the American Opportunity Credit or the Lifetime Learning Credit. Both credits may reduce the amount of tax you owe, you could e eligible for a refund of up o $1,000.

Continuing with Tax Benefits for Parents: 3) CHILD AND DEPENDENT CARE CREDIT--You may be able to take this credit if you paid someone to care for your child or children under age 13, so that you could work or look for work. 4) EARNED INCOME TAX CREDIT--If you worked but earned less than $50,270 last year, you may qualify of EITC. If you have qualifying children, you may get up to $5,891 extra back when you file a return and claim it.