The Internal Revenue Service (IRS) offers many deductions and credits that benefit parents and other taxpayers who claim dependents. To take advantage of these tax breaks, here are seven tax filing tips you need to know.
How to Maximize Tax Deductions and Credits
Paying income taxes is the civic duty of all Americans, with the money helping to pay for national defense, highways, schools and police departments, among other things. While we’re happy to pay our fair share, no one wants to pay too much income tax. That’s where tax deductions and credits come into play.
Complete Tax Planning Guide for New Parents
by
Having children changes everything – even your tax planning. Whether you’re a new parent or you’re in the busy middle years of raising kids, it’s important to understand tax issues so you can plan ahead. Here are some tax issues, from Adoption to Zoo memberships, which may affect you as a new parent:
Can You Claim Your Parents as Dependents?
by
You know you can claim your kids on your tax return. What if you also support mom and dad? If you pay some or all of your parents’ expenses, you may qualify for dependency exemptions for them, just as you do for your children. Benefits of claiming your parents as dependents
5 Common Mistakes to Avoid On Your Tax Return
Are you spending countless hours organizing and preparing your income tax return? According to the IRS, the average American spends approximately 12 hours preparing a Form 1040 income tax return. With so much time invested, the last thing you want to do is make a mistake on your tax return – especially one that delays […]
