Taxes

  If you have children you will be glad to know that the government gives you an allowance for enrolling them in day care. The allowance is known as a credit and it is claimed when you file your income tax return. The child and dependent care credit is for unreimbursed childcare expenses due to one or both parents working. It is also a non-refundable tax credit, and when I

If you're anything like me your probably wondering how can a child need to file a tax return? In other words what are the tax rules for children and dependents?  Well that's a very good question. A child or dependent can have two kinds of income. 1) Earned income which includes salaries, wages, tips and other payments for a personal service performed. 2) Unearned income which is interest, dividend and/or capital

Elderly or Disabled individuals can get a reduction on their taxable income if they meet both of the following requirements: You are a qualified individual Your income is not over a certain limit   To be a qualified for the credit for the elderly or disable credit, you must be over the age of 65. You are considered to be 65 on the day before your birthday. For an example if you