Does a Flexible Spending Account make sense for childcare costs?
My wife and I foresee spending approximately $12,000 on childcare this year. How much of it will be deductible? Does a Flexible Spending Account make sense? Are there any other tax benefits we could take advantage of? Our combined income will be around $160,000. —Leo, Norfolk
My wife and I foresee spending approximately $12,000 on childcare this year. How much of it will be deductible? Does a Flexible Spending Account make sense? Are there any other tax benefits we could take advantage of? Our combined income will be around $160,000. —Leo, Norfolk
Who claims the dependent deduction when your teenager starts working?
When your teenage son starts working and needs to file taxes, who claims the dependent deduction? Just the parent, just the kid, or both? —David, Eliot
When your teenage son starts working and needs to file taxes, who claims the dependent deduction? Just the parent, just the kid, or both? —David, Eliot
If I give my ex-husband the marital home and continue to pay the mortgage, can I still deduct the interest?
I am in the process of a divorce. If I give my husband the marital home and continue to pay the mortgage (in exchange for other assets), will I still be able to deduct the mortgage interest off my taxes? Or will that have to be paid in after tax income? —Anna, Leominster
I am in the process of a divorce. If I give my husband the marital home and continue to pay the mortgage (in exchange for other assets), will I still be able to deduct the mortgage interest off my taxes? Or will that have to be paid in after tax income? —Anna, Leominster
