There are a significant amount of tax benefits for disabled taxpayers, as well as parents of disabled children. This article will detail a number of tax credits and/ or benefit that one may qualify for. The most common tax benefits for disabled taxpayers Increased Standard Deduction Since a change in the law more than 35 …
Earned Income Tax Credit
Tax Benefits For Parents
While having children equates to having more household expenses, there are also some significant tax benefits for parents. If you are a parent, whether single, married or divorced, there are a significant number of tax benefits available to you, including deductions, credits, and filing status that can help put a dent in your tax liability. …
Who Claims The Children’s Tax Benefits – You Or Your Ex-Spouse?
Wondering who gets to claim the children’s tax benefits if you are a divorced or separated parent? While the question is common, the answer of who claims the child or children for tax purposes is often misunderstood. Often this is a hotly disputed issue between parents. However tax law includes specific but complicated rules about …
Who Claims The Children’s Tax Benefits – You Or Your Ex-Spouse?Read More
Consider These 8 Tax Breaks For Grandparents
If you are looking for tax breaks for grandparents, you are not alone! More and more individuals who thought their child-rearing days were over are now raising their grandchildren. It is estimated that 6.5 million children in the United States currently live with at least one grandparent. This accounts for approximately 9% of all children …
Don’t Miss Out on All The Extra Tax Credits
Tax credits are a tax benefit that offsets your actual tax liability, as opposed to a tax deduction, which reduces your income. Congress provides tax credits to individual taxpayers for a number of reasons, including as a form of assistance for lower-income taxpayers, to stimulate employment, and to stimulate certain investments, among other things. Tax …
How Biden’s American Rescue Plan Might Impact Your Taxes
President Biden released his “American Rescue Plan” on January 14. It is a wish list of proposals he wants Congress to enact to address the COVID-19 pandemic and associated economic crisis. While some of the proposals are intended to be in effect for just one year, they could be extended or made permanent later on. …
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