Did you know that every year there is upwards of a billion dollars in unclaimed federal tax refunds? It may come as a surprise that so many people are leaving their money on the table, but it’s true, and it...
The Internal Revenue Service (IRS) allows you to claim your elderly parent as a dependent on a tax return as long as no one else does. If you choose to claim an exemption for your parent, you must also ensure that you are not an eligible dependent to another taxpayer. This restriction is effective even if the taxpayer who can claim you as a dependent chooses not to.
Even though the tax day is still on it’s way, it is never too early to begin planning out your summer vacation! Easy if you are a kid, that is. Summer child care can get expensive. Fortunately, Uncle Sam is there to help, through flexible spending accounts and dependent care credits.
The Making Work Pay tax Credit was a fully refundable tax credit built into President Obama’s stimulus package for 2009 and 2010. The Making Work Pay Credit was actually “earned” by you in the form of lower tax withholding through your employer throughout last year.
Did you know that the government imposes a tax on large gifts? This may come as a surprise to some. After all, you’re simply giving money away, usually to family, only to find out the government wants to tax you for doing so. You’re probably thinking that isn’t fair, but the tax was created to close a bit of a loophole.