Tax Relief for Child Care Expenses

The child care tax credit and dependent care accounts could save you thousands of dollars. Every working parent knows that the cost of good childcare is expensive and ever increasing. Luckily, the federal government offers two tax breaks that can help defray some of these costs: the child care credit and dependent care accounts. If […]

Five Rules for Understanding Dependents and Exemptions

Generally, an exemption is allowed for each dependent, which is defined as a qualifying child or qualifying relative.  In order to claim a dependent, you must list the Social Security number of each dependent claimed on your tax return. Those claimed as dependents may still be required to file their own returns.  This depends on […]