The IRS offers unique tax benefits to parents, including a number of tax credits that can help you lower your tax bill. Taking advantage of the tax benefits of having a child can help you maximize your refund and save for your child's future. Learn more about the newborn tax credits you...
P.P.P.S. Even though the people of Mississippi are the least likely of any state to read my columns, I hope they soon enjoy the benefits of living in a no-income-tax jurisdiction. P.P.P.P.S. There’s also a proposal to get rid of the Nebraska state income tax. Share this: Pr...
Aspousal IRAstrategy allows couples who are married and filing jointly to contribute to two IRAs per year. This benefits spouses who don't work outside the home (that is, they don't have taxable income). The earning spouse can make a spousal IRA contribution to their non-earning spouse's...
In return for these significant benefits, the IRS imposes certain requirements for who can contribute to an HSA: The individual must be covered by a High Deductible Health Plan (HDHP) (and have no other health coverage or be enrolled in Medicare) and they may not be claimed as a d...
Filing income taxes can teach children how the U.S. tax system works while helping them create sound filing habits for their adult years. In some cases, it can also help children learn to save money and earn benefits for the future, as noted above. ...
Child Tax Credit – A tax credit for having one or more qualifying children and income within a certain range. It can be both nonrefundable and refundable. Earned Income Tax Credit (EITC) – Benefits low-income, working families. The EITC is a refundable tax credit. ...
Tax Filing Tips for College Students Here's what college students need to know about making the most of special tax benefits. Kimberly LankfordFeb. 21, 2025 About Claiming Mileage Tax Deductions Do you drive for business, charity or medical appointments? Here are the details regarding claiming mi...
TurboTax can help you determine which choice most benefits your situation. TurboTax Tip: Unlike in other years, you can still get a refund with the Child and Dependent Care Credit even if you don’t owe taxes. Claim the Earned Income Tax Credit ...
As the number of children diagnosed with autism, Asperger’s syndrome, and other neurological disorders continues to skyrocket, the disruption it causes in the lives of all those concerned is unmistakable—as are the costs of providing care for the speci
(Photo by Chris6d - Own work, CC BY-SA 4.0) Being a Big Law attorney has its benefits. Working for one of the most prestigious law firms in the United States, usually in one of the country’s major metropolises, means prestige and money. But one such attorney apparently didn’t ...