Search Results for: person tax
Mommy’s Little Tax Deduction (What You Need To Know to File)
For so many mothers, the words tax and return fill them with absolute dread every spring. Even Albert Einstein joked: The hardest thing in the world to understand is the income tax.Though, with all due respect to the guy who developed the theory of relativity, Ive got to disagree on that one.
Do I Have to Pay Taxes on the Money My Grandmother Gives Me to Help With Her Care?
Getting her coffee and answering her mail may only be the beginning of the work you do for your grandmother. If you have a regular schedule with your grandmother, wherein you care for her and take care of her household and personal needs, she may feel compelled to pay you. If you’re wondering if you have to pay taxes on the money she gives you, take into consideration the intent and amount of money you will be getting.
Tax Information on Childcare Deductions on a Tax Return
Too many parents don’t claim their full tax deductions for babysitting and related childcare expenses, according to Kiplinger. In some cases, at least one parent can cut their tax liability by hundreds of dollars. However, the Internal Revenue Service requires that interested parents not only practice careful record keeping in order to qualify for such deductions but also mandates that only certain types of childcare can be deducted for tax purposes. Learning the basic qualifications associated with dependent care tax deductions might save you money as well as unnecessary tax-related drama.
10 Ways to Create a Personal Balance Sheet
You can create a personal balance sheet to gain perspective on your financial well-being. In its simplest form, a personal balance sheet details your net worth–basically the amount of cash and property you have, minus your debts and other liabilities. With a little tweaking, your balance sheet can serve as a financial planning tool. Use it to monitor your investments, flag dangerous debt levels and prepare for major expenditures (a home purchase or kids’ college fund) and retirement. Need help getting started? Consider 10 basic ways to create a personal balance sheet that meets your needs.
Shiloh Jolie-Pitt’s Name Change: What Parents Need to Know
This week, social media is buzzing with the news that Shiloh Jolie-Pitt, daughter of Angelina Jolie and Brad Pitt, has filed a request to legally drop "Pitt" from her hyphenated surname on her 18th birthday this month. Shiloh’s decision has ignited a plethora of reactions online, from fiesty discussions about “Brangelina” family dynamics, celebrity relationships…