Everybody seems to know what tax deductions are but, if you were to ask them what deductions they qualify you’ll more than likely be met with silence. With the constant shift of government legislation year after year it can be difficult to define what you qualify for (unless you’ve been following that legislation throughout the year and that can be time-consuming). We’re guessing you’re already busy enough as is so, we’ve put together a list of the 40 simple tax deductions you could qualify for this year. Simple tax deductions that, we hope, will help save you quite a lot of money.
Jeeze, as if divorce wasn’t stressful enough, now tax season is almost here. If you haven’t taken the time to consider how filing taxes after divorce will impact you, it’s time to start thinking about it. When there is a divorce or separation, who is the custodial parent? And, is the custodial parent the one claiming the child as a dependent? For most cases, the qualifying dependent can be distinguished using the residency test (as discussed in our last blog). Sometimes, the noncustodial parent can have the child as an exemption when filing taxes after divorce, and here is how.