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>> A COUPLE OF THINGS.
I HAVE A COUPLE OF KIDS THAT
ARE LOW WAGE EARNERS, BUT THERE
IS A FREE TAX SERVICE, GO TO
IRS.GOV AND THERE ARE FREE
SERVICES TO GO THROUGH AND
PREPARE YOUR OWN TAX RETURNS
AND I HAVE MADE MY KIDS GO
THROUGH THE PROCESS AND IT
REALLY WALKS YOU THROUGH WHAT
YOU HAVE TO BE AWARE OF AND
WHAT YOU HAVE TO DO.
IT PROMPTS YOU WITH A LOT OF
QUESTIONS AS YOU ARE PREPARING
THE TAX RETURN.
ONE OF THE THINGS THAT ARE
INTERESTING, IF YOU HAVE
GRADUATED YOU MIGHT BE BEYOND
THIS, BUT THEY WANT TO TAKE
THEMSELVES AS THEIR OWN
EXEMPTION WHERE THE PARENTS
HAVE THE RIGHT AND HAVE A
BETTER TAX BENEFIT FOR TAKING
KIDS AS A DEDUCTION.
TYPICALLY THE KIDS ARE EXCITED
AND FILE THE TAX RETURN AND
WAITING FOR THE REFUND AND THE
PARENTS FILE LATER AND THE KID
TOOK THE EXEMPTION.
THE STUDENT CAN'T TAKE THE
EXEMPTION AND THE PARENT TAKE
THE EXEMPTION.
SO PLAN THAT OUT WITH YOUR
PARENTS.
BACK TO THE QUESTION, GREAT
SERVICE, IRS.GOV, FREE TAX
SERVICES.
THERE ARE A NUMBER OF
APPLICATIONS AND WALKING YOU
THROUGH A LOT OF THE QUESTIONS.
IT IS INTERESTING, AS YOU
BECOME MORE COMPLEX AND ADD IN
A FEW MINUTES THE INTEREST
DEDUCTIONS YOU HAVE THE ABILITY
TO TAKE DEDUCTION FOR SOME OF
YOUR EXPENSES AGAINST YOUR
INCOME.
ONE OF THE THINGS TO DO IS YOUR
TAX SITUATION BECOMES MORE AND
MORE COMPLEX DO THE RESEARCH.
I HAD A CLIENT THAT THEY
THOUGHT THEIR TAX SITUATION WOW
SIMPLER THIS YEAR AND GETTING
HALF WAY THROUGH IT AND STARTED
TO WORK ON THE BROKER STATEMENT
AND IT IS A COMPLEX AREA, AND
AS THEY WERE DOING THAT AND
TRYING TO IMPORT THE
TRANSACTIONS, AND THREW UP
THEIR HANDS AND SAID WAIT A
MINUTE THEY COULDN'T FIGURE IT
OUT.
IT SEEMS LIKE WITH THE FISCAL
CLIFF, EVERYTHING IS IN
ADDITION TO THE TAX LAW.
VERY FEW THINGS DROP OFF, THEY
JUST ADD AND BECOMES MORE AND
MORE COMPLEX EVERY YEAR.
THAT IS WHY PEOPLE GO TO THE
PROFESSIONALS.
GOOD LUCK TO YOU CALLER, AND
VISIT THESE GUYS.
WE ARE TAKING A QUICK BREAK AND
SEEING WHAT IS COMING UP NEXT
WEEK.
RIGHT NOW ASK THE CPA.
>> NEXT WEEK COMMUNITY
CONNECTION.
DON'T MISS THAT.
ASK THE CPA, CALL IN WITH YOUR
QUESTIONS.
DO YOU WANT TO EXPAND THE
QUESTION?
>> THE CALLER MENTIONED THAT
SHE WAS RECENTLY GRADUATED FROM
COLLEGE, AND THERE ARE ACTUALLY
THREE DIFFERENT OPPORTUNITIES
TO SAVE SOME MONEY.
>> COOL.
>> THE FIRST ONE IS A
DEDUCTION.
>> STAND BY, WE HAVE A CALLER.
WHAT IS THE QUESTION, PLEASE?
>> I WOULD LIKE TO WHAT THE
RILES AND REGULATIONS CONCERNS
PREVIOUSLY FILED TAX RETURNS, I
REALIZED I HAD A LOT OF MEDICAL
EXPENSES AND DIDN'T CLAIM SOME
OF THOSE AND HOW CAN I GO BACK
AND MAKE CORRECTIONS TO SEE IF
I AM GETTING A REFUND.
AND CONCERNING THE CREDITS YOU
MENTIONED EARLIER, WHAT IS, I
GUESS, THE FEDERAL GOVERNMENT'S
POSITION ON THOSE WHO ACCEPT
PUBLIC ASSISTANCE WHO ARE NOT
EARNING INCOME BUT THEY ARE
FILING TAX RETURNS AND GETTING
EVERYTHING RETURNED BACK, WHAT
IS THE DIFFERENCE BETWEEN THAT
AND EARNED INCOME CREDIT,
PLEASE?
>> SURE, I WILL START WITH SOME
OF THE CREDITS WHAT WE REFER TO
AS REFUNDABLE CREDITS AND THE
ONLY WAY TO GET A REFUND IS IF
YOU HAVE PAID A TAX IN.
AND NONREFUNDABLE ONES.
NONREFUNDABLE IS ONE YOU HAD TO
PAY THE TAX IN.
REFUNDABLE IS WHETHER YOU PAID
TAX OR NOT PAID TAX YOU GET A
REFUND AND MONEY BACK.
SINCES A THE EARNED INCOME
CREDIT.
CERTAIN CREDITS QUALIFY AND
OTHER CREDITS DON'T QUALIFY.
IN ADDITION TO YOUR AMENDING
YOUR PREVIOUS FILED TAX RETURN,
IT IS REFERRED AS AMENDING A
PREVIOUSLY FILED TAX RETURN,
1040X, AND YOU CAN GO BACK 3
YEARS FROM THE DATE OF THE TAX
RETURN BEING FILED AND WHAT YOU
WANT TO DO BEFORE GOING THROUGH
THE PROCESS, LOOK AT THOSE