Taxpayer asks: My wife and I live in a single-family home that we own jointly. We are retired, and our income is from social security. Our son contributes $600 monthly, which covers our real estate taxes and mortgage interest. Is it possible for our son to take the tax deductions for the real estate taxes…
My kids play the market. Well, sort of. I wanted them to start learning about money—and yes, taxes—while they were young enough to make mistakes and ask questions. So I gave each of them some money and told them they could invest. My youngest has enjoyed a terrific return, prompting him to lament, “I wish…
You’ve probably been hearing a lot about the advance child tax credit payments coming this summer. The credit isn’t new but rather an expansion of the existing child tax credit. It’s more money for more families–and those families will receive the credit each month in the form of advance payments. There’s a lot of confusion…
There are important tax changes coming this summer for families. Specifically, the child tax credit will enable families to get advanced payments. This is a change from prior years where the credit was calculated and paid out at tax time. The credit is not a new credit, but rather it’s an enhanced credit as part…
From Bill and Melinda Gates to Ben Affleck and J-Lo, we love the gossip surrounding celebrity weddings, almost weddings, and divorces. But often, the real-life consequences and marriage finances of those weddings, almost weddings, and divorces are anything but Hollywood glam. Matrimonial Law Professionals Know Family is Complicated, so it’s Best to Be Prepared When…
Even before Covid, many families already used nannies to help take care of their children and elderly relatives. Whether it’s the potential savings, uncertainty about returning to a shared environment, or a multitude of other reasons, in-home care provides parents and caretakers a ton of benefits. However, it also comes with hurdles as well, with…
Imagine this: Your ex-spouse insists on claiming your child as a dependent without your consent. What do you do? A Princeville, Illinois, mom responded to this tax “emergency” by calling the police. According to the Journal Star, the woman called the Peoria County Sheriff’s Office on February 6 to report “possible tax fraud.” The woman claimed…
It’s Ask The Taxgirl. Today’s question is whether shared expenses between spouses can result in taxable income.
Parents like me could be in store for a surprise this year. The new tax law, the Tax Cuts and Jobs Act, has a few changes for parents and those who claim dependents. First, there are no more personal exemptions. Personal exemptions are used to decrease your taxable income before you determined your tax. You…
Under the tax reform bill, the existing child tax credit has been expanded. Here’s what the new child tax credit – with a refundable portion – looks like and who can benefit.
