Despite the changes that came with the Tax Cuts and Jobs Act, clients can still claim the child and dependent care tax credit on their 2018 returns. Working parents who paid for day care, summer camp or a babysitter should take advantage of this tax break, which can help them save as much as $1,050 per child below age 13. Those who intend to claim are advised to pay their babysitter legally and remit the necessary employment taxes. “In general, the nanny tax is paid as part of your tax return,” an expert says. To read the full article in…
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Congressional Republicans created a juicy new tax break for clients when they rewrote the U.S. tax code late last year. Three months later, hundreds of thousands of them still do not know if they qualify. The IRS has said it will provide guidance detailing exactly who is allowed to take the so-called pass-through deduction. With billions of dollars at stake, business groups are lobbying for the agency to open the doors to the deduction as widely as possible. To read the full article in FinancialPlanning, click: No One’s Sure Who Qualifies for this $415B Tax Deduction.
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Retirement Savings Require Prioritization of Financial Goals Saving for retirement requires balancing several different objectives such as paying down debt, setting aside enough money to handle emergencies, and making contributions to retirement accounts. Brian Preston and Bo Hanson discuss that how you prioritize these goals will depend on your personal financial situation. To read the full article in U.S. News & World Report, click: How to Prioritize Saving for Retirement.