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- Tax Benefits for Child Daycare Providers and Users
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Special tax benefits are available for those providing daycare services for children and the parents who pay for those services. This article looks at the various tax deductions daycare providers may use and the childcare tax credit that the parents may claim.
- Read This First Before Tapping Your Retirement Savings
- Your 401(k), IRA or other retirement accounts may be a tempting source for cash if you find yourself short of funds or have a major purchase you are considering. But withdrawing money from a traditional IRA or qualified retirement account before you reach age 59 1/2 may not be the best idea, as you will likely pay both income tax and a 10% early-distribution tax (also referred to as a penalty) on any previously untaxed money that you take out.
- Video Tips: What to Do When You Can't Pay Your Taxes
- Owing taxes on your income tax return but can't pay it back immediately? Watch this video for some possible solutions to minimize your tax penalties and interest.
- Cash Flow Solution for Seniors
- The annual inflation rate in the U.S. accelerated to 7.5% in January of 2022, the highest since February of 1982, hitting those on fixed retirement income, namely seniors, the hardest.
- Charitable Tax Deduction Peculiarities
- Charitable contributions are deducted as part of a taxpayer’s itemized deductions on IRS Schedule A, except for the special 2020 and 2021 provisions that allow up to $300 ($600 for married taxpayers filing jointly for 2021) of cash donations as a deduction for non-itemizers.
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