When it comes to filing taxes, married couples have the option to file either jointly or separately. Deciding which filing status to choose can significantly impact your tax liability and potential refunds. Understanding the benefits and drawbacks of each option is crucial for making an informed decision. Here’s a comprehensive guide to help you determine the best filing status for your situation. Understanding the Basics Married Filing Jointly (MFJ): Married… Read More
Individual Tax
Dependent Care Tax Credit
You need someone to watch your young children or adult dependent during the summer and after school, while you and your spouse work or attend a full time school. IRC (Internal Revenue Code) Section 21, Expenses for household and dependent care services necessary for gainful employment. IRC section 21 provides a credit for taxpayers who incur child care or dependent care expenses that allow the taxpayers to be employed. Limits are… Read More