Paying for someone else to look after your child while you work can get costly. Thankfully, there’s a tax credit that can help you recover some of those costs. The Child and Dependent Care Credit can be claimed by taxpayers who paid a caretaker as responsible for their child under the age of 13, or […]
— Read moreThe standard deduction is allotted to all taxpayers by the IRS. It represents an amount of income that the government will not tax. Taxpayers who want to simplify their returns and opt not to itemize can claim the standard deduction. Just chose the correct filing status, and check the box for the standard deduction. In […]
— Read moreAre you a parent? It’s important to understand how support you provide to your children can alter your tax liability, and which types of support you can get credit for. Child Credit For each child under the age of 17 that you claim on your tax return, your taxable income is reduced by $1,000. The […]
— Read moreGetting a divorce can be difficult for all parties, including financially. Your assets are now up for grabs, not only by your soon to be ex, but also by the IRS. Divorce impacts your taxes a lot, so you should be aware of the expectations at tax time when you get a divorce. Filing Status […]
— Read moreWhen going through a divorce, you’re likely not thinking of your taxes. However, alimony and child support will affect your taxes. It’s important to understand how they factor into your return. Alimony If you are required to pay alimony, the amount you are responsible for isn’t accounted into your taxable income. This means your tax […]
— Read moreYou shouldn’t have to spend money to make money. However, sometimes you need to purchase items say you can perform your job more effectively. There are different types of work-related expenses such as extra uniforms, electronic gadgets, special tools, and other supplies. While you may be shelling out a lot of cash for these expenses, […]
— Read moreThe cost of special tools or equipment for work can be expensive. Thankfully, the IRS allows you to deduct these expenses in most cases. The government considers these deductions to be ordinary and necessary for your job. The term “ordinary” refers to any expenses that are commonly accepted in your trade or industry. The term […]
— Read moreTechnology is all around us. More and more people are using mobile devices and electronic gadgets at work to improve productivity. Because we are connected just about anywhere anymore, workers are no longer bound to an office or stationed at a desk. Instead, many employees can work basically wherever they want. In order to be […]
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