A tax dependent is someone with connections to you that permits some tax deductions and credits like the head of household, the child and dependent care credit, the child tax credit,...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 03/31/2023
Low and moderate-income earners are the beneficiary earned income tax credit, aka EITC or EIC. The program pays between $560 to $6,935 for the 2022 tax year but depends on your income,...
Posted by Rosovich & Associates, Inc. on 01/09/2023
It is no surprise that paying someone to watch your kids or clean your property makes you an employer, and you have to do the employer donation. Those hired to do these jobs are considered...
Posted by Rosovich & Associates, Inc. on 11/30/2022
With a medical power of attorney, you can appoint someone to make healthcare decisions if you cannot make those decisions yourself.Although much of estate planning focuses on finances,...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 08/24/2022
Today, relatively few Americans itemize deductions on their tax returns. You can claim either the standard deduction or the itemized deductions, but not both. And, of course, you always...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 02/08/2022
A flexible spending account (FSA) is a healthcare benefit account sponsored by the employer, which allows them to set aside $2,7750 every year to take care of the cost for medical...
Posted by Rosovich & Associates, Inc. on 04/15/2021
Unknown to many people, the proceeds from selling a house might be taxable. However, this article sheds light on the mode of operation and simple ways to avoid ending up with a huge...
Posted by Rosovich & Associates, Inc. on 02/16/2021
The child tax credit is a credit that can give you up to $2,000 for each qualifying child while a qualifying dependent gets $500. It is a refundable tax credit that diminishes when...
Posted by Rosovich & Associates, Inc. on 12/19/2020
When you have a child with special needs, there can be plenty of concern regarding their care when the parents or other family members are no longer able to care for that child, due...
Posted by Patrick O'Hara, EA on 03/23/2016
