Tag Archive for: Hendon & Slate

CPA's & Business Advisors

H&S Tax Newsletter

It’s that time of year, and our tax newsletter is here…

This year’s tax newsletter is full of information for both individuals and businesses. Read about changes affecting Education, the Affordable Care Act, Minimum wage, tax tips and more!

Click to Download

Click to Download

 

H&S Tax Newsletter

It’s that time of year, and our tax newsletter is here…
This year’s tax newsletter is full of information for both individuals and businesses. Read about changes affecting Education, the Affordable Care Act, Minimum wage, tax tips and more!

Click to Download

Click to Download


 

CPA's & Business Advisors

Thieves stole tax info from IRS!

USA Today released an article on May 27th saying thieves hacked into an Internal Revenue Service online service, coming away with the tax information from more than 100,000 taxpayer accounts.

Click the link or image below to read the full article:

http://www.usatoday.com/story/money/personalfinance/2015/05/26/irs-breach/27975205/

thief graphic

Click here for the USA Today article: IRS says thieves stole tax info from 100,000

 

Child and Dependent Care Expense Tax Credit

Remember to check if you are eligible for the Child and Dependent Care Expense tax credit!

Did you pay someone to care for your child, spouse, or dependent last year? If so, you may be eligible for the Child and Dependent Care Expense tax credit. Below are a few things you need to know:

    • The care must have been provided to a qualifying person, which is defined as:
      • Your child, age 12 or younger (that is claimed as a dependent)
      • Your spouse, who is physically or mentally ill
      • Certain other individuals who are physically or mentally ill (ie: a dependent parent)The people you claim for this credit must be named on your tax return.
    • The care must have been provided so you could go to work or look for work. If you are married filing jointly, your spouse must have gone to work or looked for work, as well.
    • You must have earned income. This may be from your salary, tips, wages, earnings from self-employment, or other taxable employee compensation. If you are married filing jointly, one spouse may be considered to have earned income if they were a full-time student or were physically and/or mentally unable to work.
    • The payments for care may not have been paid to the following:
      • Your spouse
      • The parent of your qualifying person
      • To a person you claim as your dependent (ie your teenage son/daughter who cared for your younger child)
      • To your child if they will not be 19 years old by the end of 2012 (provided they’re not claimed as a dependent)
    • The person you claim for the credit must have lived with you for over half the year; except for those individuals who died, were born, or children of divorced (or separated) parents.
    • The credit may be up to 35% of your qualifying expenses, depending on your gross adjusted income.
      • You may claim up to $3,000 of expenses paid for one qualifying person or $6,000 for two or more, less any dependent care benefits provided by your employer.
    • Those individuals filing as married filing separately do not qualify for this credit.

 

Also, keep in mind that if a care provider was paid to work in your home, you may need to pay Social Security and Medicare tax, as well as, federal unemployment tax.