Mike's weekly post usually concentrated on tax saving strategies.
If you're thinking about divorce, you should also be considering what tax filing status you should choose. Here's why.
As a busy working parent, you may be concerned about what activities are available for your kids this summer. There may be a solution that’s also a tax break: summer camp!
Using the Child and Dependent Care Credit, you can be reimbursed for part of the cost of enrolling your child in a day camp this summer.
If you're a parent, your dependent children can be a source of tax savings. There are the well-known provisions in the tax code such as the Dependent Child Care Credit and the Child Tax Credit, but there's also an opportunity to shift some taxable income to your children.
Shifting income to your children works because the tax rate increases as your income rises. This provides an incentive to shift income to your lower-earning dependent children. Here's how to make it work:
The IRS reported audit rates declined last year for the sixth year in a row and reached their lowest level since 2002. That’s good news for people who don’t like to be audited (which is everybody)!
But don’t get complacent. A closer look at the IRS data release reveals some audit pitfalls you should know about. Here is what you need to know: