Dinar Daily
Would you like to react to this message? Create an account in a few clicks or log in to continue.
Latest topics
» AMERICA’S COLOR REVOLUTION — Brought To You By The U.S. Intelligence Community & Coming To A City Near You
8 Things Single Moms And Dads Need To Know About Taxes I_icon_minitimeYesterday at 5:58 am by kenlej

» Go Russia
8 Things Single Moms And Dads Need To Know About Taxes I_icon_minitimeYesterday at 5:49 am by kenlej

» I am too pretty for math, but....
8 Things Single Moms And Dads Need To Know About Taxes I_icon_minitimeWed Jun 12, 2024 6:56 pm by Mission1st

» Interesting article
8 Things Single Moms And Dads Need To Know About Taxes I_icon_minitimeWed Jun 12, 2024 6:34 pm by Mission1st

» Phony Tony: New Platform, same old song and dance
8 Things Single Moms And Dads Need To Know About Taxes I_icon_minitimeWed Jun 12, 2024 6:32 pm by Mission1st

» The Craziness of Scam by "Tony TNT Renfrow" and the Iraqi Dinar Currency Scam
8 Things Single Moms And Dads Need To Know About Taxes I_icon_minitimeTue Jun 11, 2024 12:26 pm by Mission1st

» Even conspiratorial currency speculators aren’t buying a Russian ruble revalue - It’s not the next the Iraqi dinar
8 Things Single Moms And Dads Need To Know About Taxes I_icon_minitimeMon Jun 10, 2024 1:04 pm by RamblerNash

» The Fundamentals of Finance and Pimpy Live
8 Things Single Moms And Dads Need To Know About Taxes I_icon_minitimeFri Jun 07, 2024 5:02 pm by Dorotnas

» Carnival Rides
8 Things Single Moms And Dads Need To Know About Taxes I_icon_minitimeFri May 10, 2024 5:03 pm by kenlej

» Go Russia
8 Things Single Moms And Dads Need To Know About Taxes I_icon_minitimeSun May 05, 2024 10:51 am by kenlej

» Textbook Tony
8 Things Single Moms And Dads Need To Know About Taxes I_icon_minitimeMon Apr 29, 2024 4:13 pm by Mission1st

» The Rockefellers and the controllers are freaking out right about now
8 Things Single Moms And Dads Need To Know About Taxes I_icon_minitimeFri Apr 26, 2024 11:16 am by kenlej

» Phony Tony sez: Full Steam Ahead!
8 Things Single Moms And Dads Need To Know About Taxes I_icon_minitimeSat Apr 13, 2024 11:51 am by Mission1st

» Dave Schmidt - Zim Notes for Purchase (NOT PHYSICAL NOTES)
8 Things Single Moms And Dads Need To Know About Taxes I_icon_minitimeSat Apr 13, 2024 11:45 am by Mission1st

» Russia aren't taking any prisoners
8 Things Single Moms And Dads Need To Know About Taxes I_icon_minitimeFri Apr 05, 2024 6:48 pm by kenlej

» Deadly stampede could affect Iraq’s World Cup hopes 1/19/23
8 Things Single Moms And Dads Need To Know About Taxes I_icon_minitimeWed Mar 27, 2024 6:02 am by Ditartyn

» ZIGPLACE
8 Things Single Moms And Dads Need To Know About Taxes I_icon_minitimeWed Mar 20, 2024 6:29 am by Zig

» CBD Vape Cartridges
8 Things Single Moms And Dads Need To Know About Taxes I_icon_minitimeThu Mar 07, 2024 2:10 pm by Arendac

» Classic Tony is back
8 Things Single Moms And Dads Need To Know About Taxes I_icon_minitimeTue Mar 05, 2024 2:53 pm by Mission1st

» THE MUSINGS OF A MADMAN
8 Things Single Moms And Dads Need To Know About Taxes I_icon_minitimeMon Mar 04, 2024 11:40 am by Arendac

8 Things Single Moms And Dads Need To Know About Taxes

Go down

8 Things Single Moms And Dads Need To Know About Taxes Empty 8 Things Single Moms And Dads Need To Know About Taxes

Post by Catfish1927 Mon Jan 26, 2015 12:40 pm

8 Things Single Moms And Dads Need To Know About Taxes Single-mom-taxes-forbes-

Unmarried parents face a unique set of concerns in life, and that includes taxes Before filing, consider these federal tax considerations:


  • Head of household status. If you were unmarried on Dec. 31, 2014, earn at least 50 percent of your household income and your kids live with you for 6 months of the year or more total, file as head of household. This usually affords you a lower tax rate and higher deductions.



  • Determine who you can claim as a dependent. This determines whither you can take any number of other credits and deductions. This is usually stipulated in a separation or divorce agreement, and the parent who would normally claim the child can agree to sign a waiver allowing a non-custodial parent to make the claim. You cannot split this deduction for a single child, but some parents agree to take turns claiming children on alternate years, or if there are two or more children, agreeing that each parent can claim one of the kids. However, the IRS determines that a child is a dependent based on if the child lived with a parent for at least six months and was financially supported for the same time.


8 Things Single Moms And Dads Need To Know About Taxes Single-mom-taxes-forbes-


  • Exemptions. For every dependent kid, you can deduct $3,950 for tax year 2014. This phases out for heads of household earning $279,650 or more.



  • Tax credits. Single parents earning $75,000 adjusted gross income or less can take $1,000 off their tax bill for each dependent kid who was aged 16 and younger on Dec. 31.



  • Child care. Heads of household who have an income or are full-time students can claim u p to $3,000 for one kid or $6,000 for two or more children for qualifying child care. This includes summer day camps and after-school programs. Phaseout starts at $75,000 for single head of household filers.



  • Dependent care spending accounts. If this tax-sheltering benefit is available through your employer or business, single heads of household can contribute up to $5,000 tax-free to pay for child care expenses for dependent children.



  • Earned Income Tax Credit If you have three or more kids and earned less than $46,997 as a single parent, take this credit. If you have one or two children you may also qualify if your income is lower. The maximum credit is $6,143.




  • Adoption costs If you adopted a child and the process was finalized in 2014, you are eligible for up to $13,190 per child in federal tax credits. 




http://www.forbes.com/sites/emmajohnson/2015/01/26/8-things-single-moms-and-single-dads-need-to-know-about-taxes/
Catfish1927
Catfish1927
Forum Friend
Forum Friend

Posts : 137
Join date : 2012-01-19

Back to top Go down

Back to top


 
Permissions in this forum:
You cannot reply to topics in this forum