Many parents who work or are looking for work must arrange for the care of their children during school vacation. If you are in this situation and your children requiring care are under 13 years of age, you may qualify for a child care tax credit. The credit offsets income tax, potentially to zero, but cannot be used to reduce special taxes, such as self-employment tax, and is … [Read more...] about Summertime Child Care Expenses May Result in Tax Savings
Personal Tax
Tax Increases Looming in 2013
Without Congressional action before the end of the year, just about everyone, rich and poor alike, will be hit by tax increases. These increases are the result of temporary tax benefits That will expire at the end of 2012. Just about everyone will be affected in one way or another. The following is a list of the expiring benefits and how taxpayers will be affected. Check the … [Read more...] about Tax Increases Looming in 2013
June 2012 Individual Due Date Reminders
June 11 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during May, you are required to report them to your employer on IRS Form 4070 no later than June 11. Your employer is required to withhold FICA taxes and income tax withholding for these tips from your regular wages. If your regular wages are insufficient to cover the … [Read more...] about June 2012 Individual Due Date Reminders
What to Do If You Receive an IRS Notice
It’s a moment many taxpayers dread. A letter arrives from the IRS and it’s not a refund check. But don’t panic; many of these letters can be dealt with simply and painlessly. Each year, the IRS sends millions of letters and notices to taxpayers to request payment of taxes, notify them of changes to their accounts, or request additional information. The notice you receive … [Read more...] about What to Do If You Receive an IRS Notice
Social Security Administration Launches New Online Tool
If you go back a few years, you may remember that every year, about three months before your birthday, you received an earnings and benefits statement from the Social Security Administration providing you with a history of your earnings and projected benefits. Then, along came a recession and the accompanying budget cuts and the mailing out of the statements stopped, except … [Read more...] about Social Security Administration Launches New Online Tool