Tag: Family

  • Tax Deductions for Your New Addition

    Did you have a baby this year? If so, congratulations on the little tax deduction!
    Just kidding – congratulations on the addition to your family!
    While you’re probably a little groggy still, kudos to you for thinking about your taxes when most can barely think at all.
    Fortunately, along with your new baby, your family is now eligible for new tax deductions as well. Don’t overlook the tax advantages that come when you add a new member to your family.
    Tax Benefits for Having Children
    First, you receive another exemption when you have a child. Each exemption you have represents a deduction of $3,900 for 2013.
    So, a new child means that your income is reduced by the exemption amount. While this isn’t as valuable as a tax credit, it is still worthwhile, since a smaller income means a smaller tax liability.
    You might also be eligible to claim the Earned Income Tax Credit. Parents that meet certain income requirements and have children can claim the EITC, which is a tax refundable credit.
    Another possible tax benefit is the Child Tax Credit. This is a credit worth up to $1,000 for each child under the age of 17. Because it’s a credit, it represents a dollar for dollar reduction of your tax bill.
    Not everyone is eligible for the Child Tax Credit and eligibility is based on adjusted gross income. For 2013, the phaseout for the credit begins at $110,000 for those filing jointly and $75,000 for those filing as single (married filing separately begin phasing out at $55,000).
    It’s also possible to claim the Child and Dependent Care Tax Credit. This credit allows you to claim qualified child care costs as deductions.
    There is still a phaseout with this credit too, so you might not be eligible if your income is above a threshold. You can also check to see if there is a Dependent Care Account offered by your employer. Money contributed to this account is tax deductible, and it can be used to pay child care expenses.
    If you adopted, there is a generous tax credit for those who wish to adopt. The Adoption Tax Credit is refundable, and it can help offset the costs incurred as you adopted your new addition.
    There are phaseouts for this credit as well, but they are much higher than the phaseouts for the other tax deductions and credits. If you adopted, you must look into this credit.
    Finally, remember to get a Social Security Number. In order to claim any of these tax advantages as a result of adding a child to your family, you will need a Social Security number.
    If your baby is new, you need to apply for a Social Security Number. If you are taking over the care of a child and are eligible to claim the exemption or the Dependent Care Credit, you need to make sure you know his or her Social Security number.
    Bringing a child into your family is a big step — and one that is very rewarding on an emotional level. However, your new bundle of joy also comes with some financial advantages to go with the financial costs.
    While most of them simply offset some of your costs, others can actually be extremely beneficial so it’s important to look into them.
    And get some sleep!

    Taken from Turbo Tax Blog

  • Tax Deductions for Newlyweds

    Congratulations on getting married! As you two embark on this journey together, I wanted to share some tax deductions that can help you come tax time. One thing that you may not be familiar with is exactly how tax deductions help you.
    Tax deductions lower your family’s taxable income and may help you lower your tax burden. Taking the tax deductions that you’re entitled to as newlyweds can help you get your finances in the right place.
    First of all, you have to make sure that your names and your social security numbers on your tax return are what’s on record with the Social Security Administration.
    If you haven’t already contacted them and submitted a form for your name change, then do so as soon as possible. In that same vein, make sure your employer has the correct information so your W-2s are accurate.
    New Changes, New Deductions
    With marriage comes changes to your household. Some of the tax deductions may apply to you, while others may not. The important thing is to make sure you both sit down and discuss how you’ll be handling your taxes.
    Standard Versus Itemized Deductions
    Before you were married you may have taken the lower standard deduction, but now would be a great time to check and see if you have enough eligible expenses to itemize.
    In general, you to want to itemize your deductions when your total eligible deductions exceed your standard deduction. Currently the standard deduction for those married filing jointly is $11,900.
    When we used TurboTax to file our tax return, it automatically checked our tax deductions to see which would give the bigger deduction.
    Married with Children
    If your family will be growing with one or more children becoming legally a part of your household, then you may qualify for some additional exemptions for dependents.
    You can claim an exemption worth $3,900 per child when you file your taxes. Please keep in mind that you must provide a social security number for your dependents when you claim them on your tax return.
    Review your Finances, Together
    Finally having two heads reviewing your finances is better then one, so look over your expenses to see if there are any tax deductions or breaks you have overlooked in the past or you’ll qualify for this year.
    Personal Property Taxes: In North Carolina we pay property taxes for our vehicles in the summer and our house at the end of the year. While it’s chunk of money out of our family budget, the good news is that state and local property taxes are deductible. Keep your receipts so you know how much to deduct.
    Charitable contributions: Have you thought of sharing your special day by donating? For many people, their wedding wardrobe, decorations, and other items are only used for one day and then packed away, sometimes forgotten in the attic. Why not see if you can part with a few of these dear items afterward and support worthy causes close to your heart?

    Felicidades por casarse ! Como ustedes dos se embarcan en este viaje juntos , quería compartir algunas deducciones fiscales que pueden ayudarle a llegar la temporada de impuestos . Una cosa que es posible que no esté familiarizado con es exactamente como las deducciones fiscales que ayudan .
    Las deducciones fiscales reducen su familia , la base imponible del AM y pueden ayudarle a reducir su carga fiscal . Tomando las deducciones fiscales que usted, Aore derecho a que los recién casados ??puede ayudarle a conseguir sus finanzas en el lugar correcto .
    En primer lugar , usted tiene que asegurarse de que sus nombres y sus números de seguridad social en su declaración de impuestos son lo que , el AM en el registro con la Administración del Seguro Social.
    Si usted refugio , AOT ya en contacto con ellos y enviar un formulario para su cambio de nombre , y luego hacerlo lo más pronto posible . En esa misma línea, asegúrese de que su empleador tiene la información correcta para que sus formularios W-2 son exactas.
    Nuevos cambios, nuevas deducciones
    Con el matrimonio viene cambios en su hogar. Algunas de las deducciones fiscales pueden aplicarse a usted, mientras que otros no. Lo importante es asegurarse de que tanto sentarse a discutir cómo usted, Äôll estar manejando sus impuestos.
    Deducciones estándar Versus Detallada
    Antes de casarse que haya tomado la deducción estándar más baja, pero ahora sería un buen momento para comprobar y ver si tiene suficientes gastos elegibles para detallar .
    En general , usted quiere detallar sus deducciones en el total de las deducciones admisibles superan su deducción estándar. Actualmente, la deducción estándar para los casados ??con declaración conjunta es $ 11,900 .
    Cuando utilizamos TurboTax para presentar nuestra declaración de impuestos, que comprueba automáticamente nuestras deducciones fiscales para ver lo que le daría el descuento más grande.
    Matrimonio con hijos
    Si su familia estará creciendo con uno o más hijos sea legalmente una parte de su casa , entonces usted puede calificar para algunas exenciones adicionales para dependientes.
    Usted puede reclamar una exención por valor de $ 3,900 por niño cuando presente su declaración de impuestos . Por favor, tenga en cuenta que debe proporcionar un número de seguro social para sus dependientes cuando se les reclama en su declaración de impuestos.
    Revise sus finanzas , junto
    Por último tiene dos cabezas revisar sus finanzas es mejor que uno, para mirar por encima de sus gastos para ver si hay algunas deducciones de impuestos o roturas que ha pasado por alto en el pasado o que , Äôll calificar para este año .
    Impuestos sobre Bienes Muebles : En Carolina del Norte que pagamos impuestos a la propiedad para nuestros vehículos en el verano y nuestra casa al final del año. Mientras que , el AM cantidad de dinero fuera de nuestro presupuesto familiar , la buena noticia es que los impuestos a la propiedad estatal y local son deducibles. Guarde sus recibos para que sepas lo mucho que deducir .
    Donativos : ¿Has pensado en compartir su día especial con la donación ? Para muchas personas, su vestuario de boda , decoraciones y otros objetos se utilizan sólo por un día unad luego guardó, a veces olvidado en el ático. ¿Por qué no ver si puedes parte con algunos de estos elementos después queridos y apoyar dignas causas cercanas a su corazón?

  • Affordable Care Act Tax Provisions

    Effect of Sequestration on Small Business Health Care Tax Credit
    Pursuant to the requirements of the Balanced Budget and Emergency Deficit Control Act of 1985, as amended, certain automatic cuts took place as of March 1, 2013. These required cuts include a reduction to the refundable portion of the Small Business Health Care Tax Credit for certain small tax-exempt employers under Internal Revenue Code section 45R. As a result, the refundable portion of your claim will be reduced by 8.7 percent. The sequestration reduction rate will be applied until the end of the fiscal year (Sept. 30, 2013) or intervening Congressional action, at which time the sequestration rate is subject to change.

    Update:
    The Health Care Law generally has no new impacts to the Form 1040 series for the 2012 returns that individuals may be currently filing. However, if you received a health insurance premium rebate during 2012, check irs.gov/aca under Medical Loss Ratio to see if you are one of the few people who needs to include it on your 2012 return. If you do not have a tax filing requirement, you do not need to file a 2012 federal tax return to establish future eligibility or qualify for future financial assistance to purchase health care coverage through an exchange. To find out if you have to file a federal tax return for other reasons, use the IRS Interactive Tax Assistant.
    If you are seeking information about how to obtain health care coverage or financial assistance to purchase health care coverage for you and your family, visit the Health and Human Services website, HealthCare.gov.

    Efecto del secuestro de créditos impositivos para pequeñas Salud Negocios
    De conformidad con los requisitos de la Ley de Presupuesto Equilibrado y Control del Déficit de Emergencia de 1985, según enmendada, ciertos recortes automáticos se llevaron a cabo el 1 de marzo de 2013. Estos cortes requeridos incluyen una reducción de la porción reembolsable del crédito tributario Small Business Health Care para ciertos pequeños empleadores exentos de impuestos bajo la sección 45R Código de Impuestos Internos. Como resultado, la parte reembolsable de su demanda se reducirá en un 8,7 por ciento. La tasa de reducción del secuestro se aplicará hasta el final del año fiscal (30 de septiembre de 2013) o intervenir la acción del Congreso, momento en el que la tasa de captura está sujeta a cambios.

    Actualizar:
    La Ley del Cuidado de la Salud en general no tiene nuevas consecuencias de la serie Forma 1040 para las declaraciones de 2012 que los individuos pueden actualmente presentación. Sin embargo, si usted recibió un reembolso de la prima de seguro de salud durante el año 2012, visita irs.gov / aca en Medicos Siniestralidad para ver si usted es una de las pocas personas que tiene que incluir en su declaración de 2012. Si usted no tiene un requisito de declaración de impuestos, usted no tendrá que presentar una declaración de impuestos federal 2012 para establecer la elegibilidad futura o calificar para recibir asistencia financiera en el futuro para comprar cobertura de salud a través de un intercambio. Para averiguar si usted tiene que presentar una declaración de impuestos federales por otros motivos, utilice el Asistente de Impuestos del IRS Interactive.
    Si usted está buscando información acerca de cómo obtener la cobertura de atención de salud o asistencia financiera para comprar cobertura de salud para usted y su familia, visite el sitio web de Salud y Servicios Humanos, HealthCare.gov.