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Is Emotional Intelligence Just the Fad du Jour?
“I’ve been doing this for 15 years,” Annette told me. “It just wasn’t called this.” I was explaining to a counselor in Australia about the field of emotional intelligence, and she was sure she’d found it first. Likely you'll feel the same way. “Oh, I ...
There’s Some Place Like Home
As our population lives longer, the need for quality care for the elderly is growing and family members are frantically searching for creative alternatives that allow their loved ones to be part of the family and community for as long as possible. They’re ...
TrekShare - Crashing a Laos Wedding - Part 2
Public Service Announcement: Drinking and driving is bad. With that said I’ve drank and drove a few times in my day and have puked in the back of cars while someone drunker than me was at the wheel. My question wasn’t meant to be judgmental but rather ...
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Earned Income Tax Credit
This is a refundable credit for low-income working individuals and families. Income and family size determine the amount of the EITC. When the EITC exceeds the amount of taxes owed, it results in a tax refund to those who claim and qualify for the credit.
Child and Dependent Care Credit
This is for expenses paid for the care of children under age 13, or for a disabled spouse or dependent, to enable the taxpayer to work. There is a limit to the amount of qualifying expenses. The credit is a percentage of those qualifying expenses.
Adoption Credit
Adoptive parents can take a tax credit of up to $10,390 for qualifying expenses paid to adopt an eligible child. A credit of up to $10,390 may be allowed for the adoption of a child with special needs even if you do not have any qualifying expenses. For more information, see Pub. 968, Tax Benefits for Adoption.
Credit for the Elderly and Disabled
This credit is available to individuals who are either age 65 or older or are under age 65 and retired on permanent and total disability, and who are citizens or residents. There are income limitations. For more
information, see Pub.524, Credit for the Elderly or the Disabled.
Education Credits
There are two credits available, the Hope Credit and the Lifetime Learning Credit, for people who pay higher education costs. The Hope Credit is for the payment of the first two years of tuition and related expenses for an eligible student for whom the taxpayer claims an exemption on the tax return. The Lifetime Learning Credit is available for all post-secondary education for an unlimited number of years. A taxpayer cannot claim both credits for the same student in one year. For more information, see Publication 970, Tax Benefits for Education.
Retirement Savings Contribution Credit
Eligible individuals may be able to claim a credit for a percentage of their qualified retirement savings contributions, such as contributions to a traditional or Roth IRA or salary reduction contributions to a SEP or SIMPLE plan. To be eligible, you must be at least age 18 at the end of the year and not a student or an individual for whom someone else claims a personal exemption. Also, your adjusted gross income (AGI) must be below a certain amount. For more information, see chapter four in Publication 590, Individual Retirement Arrangements (IRAs).
About the Author
Richard Chapo is CEO of Business Tax Recovery - Obtaining tax refunds for small businesses for overpaid taxes. Discovery tax strategies and deductions in our tax articles section.
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Eldercare QuestionsNew York Times (blog)Craig Reaves, past president of the National Academy of Elder Law Attorneys, practices in Kansas City, Mo., and on occasion fields questions ... |
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