According to the IRS figures, as of April 17, nearly 88 million individuals have received stimulus payments worth almost $158 billion in the program’s first three weeks. That number is more than half of the 150 million payments expected to be distributed. Stimulus checks are $1,200 per adult – or $2,400 for married couples filing jointly…
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…
It’s Taxes from A to Z! D is for dependents.
Today is Mother-in-Law’s Day. The day, created by the editor of a local newspaper in Amarillo, Texas, was first held on March 5, 1934, but was eventually moved to the fourth Sunday in October (insert random Halloween witch joke here). Mothers-in-law don’t always have the best reputation. Many mother-in-law relationships are notoriously difficult, such as…
When is enough, enough? At what age can parents legally stop paying expenses for their children? Two New Jersey children took their parents to court this year to find out.
It’s Back To School Week on the blog! All week long, I’ll be answering your questions about school and tax – complete with fun giveaways. Next up: how do you handle health care costs for dependents? At what age must benefits stop? And most importantly, how does the Affordable Care Act affect all of this?
K is for Kidnapped Children. When an Alabama boy was taken from his school bus last month and held hostage, it made national news. It was horrifying and nearly impossible to think that such a thing could have happened, that a child could be taken from his parents. But it happens more often than you…
I woke up on Monday morning to a strangely empty house. The dog was gone. My dog, a lab mutt, has been a part of my family for 13 years. He was a rescue from the SPCA in North Philadelphia. When we first picked him up, he weighed less than five pounds and was a…
Taxpayer asks: A not for profit hosted a competition in which my 11 yr old daughter won $500. In order to write her the check, They have asked to have her complete a W-9. I thought that since: 1. The value is below $6002. She is a child that will not be filing a return…
2011 is coming to a close which means that year end tax strategies are on the minds of many taxpayers. We all know the most common tips (pay mortgages in advance, make contributions to retirement accounts, donate to charities) but what about those outside of the box? It’s true that you can engage in life…