Search Results for: deduction
Mommy’s Little Tax Deduction (What You Need To Know to File)
For so many mothers, the words tax and return fill them with absolute dread every spring. Even Albert Einstein joked: The hardest thing in the world to understand is the income tax.Though, with all due respect to the guy who developed the theory of relativity, Ive got to disagree on that one.
Tax Information on Childcare Deductions on a Tax Return
Too many parents don’t claim their full tax deductions for babysitting and related childcare expenses, according to Kiplinger. In some cases, at least one parent can cut their tax liability by hundreds of dollars. However, the Internal Revenue Service requires that interested parents not only practice careful record keeping in order to qualify for such deductions but also mandates that only certain types of childcare can be deducted for tax purposes. Learning the basic qualifications associated with dependent care tax deductions might save you money as well as unnecessary tax-related drama.
Nursing Mothers Granted Tax Break
Great news! Nursing moms are getting a new tax break from the IRS for breast pumps and other supplies. The same proposal was rejected last year because the IRS didnt think breastfeeding had enough benefits to be considered medical care. But, the American Academy of Pediatrics and other breastfeeding advocates fought for the proposal, citing the many long-lasting health benefits of breast milk. The IRS has changed their tune and will now allow mothers to count the cost of breast pumps and other supplies as a medical deduction.
Can You Afford a College Degree?
The following is a guest post byClare Levison, CPA and Author of Frugal Isnt Cheap: Spend Less, Save More, Live Better. It is sponsored by Western International University.For working adults wondering if they should go back to school for a degree – or to upgrade their bachelors degree to a masters – affordability is, today, more important than ever. How can I afford it? is often the first question students ask before …
Why Aren’t More American Dads Taking Paternity Leave?
In the United States, only 1 in 100 dads take more than four weeks off from work following a baby’s birth.For comparison, about 50% of employed new mothers take the same time off