Article Highlights: Child Age LimitsEmployment-Related ExpenseMarried Taxpayer Earnings LimitsDisabled or Full-Time-Student SpouseExpense Limits Summer has just arrived, and there is a tax break that working parents should know about. Many working parents must arrange for care of their children under 13 years of age (or any age if disabled) during the school vacation … [Read more...] about School’s Out – Who Is Going to Take Care of the Kids?
Tax related
Would a Mid-Year Tax Checkup Benefit You?
Article Highlights: Procrastination Can Lead to Unneeded Taxes & PenaltiesEvents That Create Tax Problems & OpportunitiesMid-Year Tax Checkup If you are inclined to procrastinate until the end of the year or, even worse, until tax-filing season to worry about your taxes, you may be missing out on opportunities to reduce your tax and avoid certain … [Read more...] about Would a Mid-Year Tax Checkup Benefit You?
June 2019 Individual Due Dates
June 10 - 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 10. 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 … [Read more...] about June 2019 Individual Due Dates
Protecting Yourself from Scams, ID Theft and Cyber Criminals
Article Highlights: ID TheftWhat’s in Your Wallet or PursePhony E-mailPop-up AdsOnly Access Secure WebsitesAvoid Phishing ScamsSecurity SoftwareEducate ChildrenPasswordsPhony CharitiesImpersonating the IRSBack Up FilesIf It Is Too Good to Be True As much as the Internet has changed our lives for the good, it has also opened us up to threats from crooks from all over the … [Read more...] about Protecting Yourself from Scams, ID Theft and Cyber Criminals
Gift Tax Treatment of Tuition Plans
Article Highlights: Purpose of Qualified Tuition PlansGift Tax ImplicationsSpecial Five-Year ElectionChange of BeneficiaryEligible ExpensesDirect Payment of Tuition Qualified tuition plans (QTPs) provide a means for family members and others to save for the future educational needs of children. Investment earnings within a QTP account are tax deferred and not taxable when … [Read more...] about Gift Tax Treatment of Tuition Plans