|
|
|
|
Have Kids?
Your children may help you qualify
for valuable tax benefits.
As a parent, you qualify for certain tax benefits and deductions. Here are 8 child tax benefits that you should know about. 1. Dependents. In most cases, you can claim a child as a dependent even if your child was born anytime in 2012. 2. Child Tax Credit. You may be able to claim the Child Tax Credit for each of your children that were under age 17 at the end of 2012. If you do not benefit from the full amount of the credit, you may be eligible for the Additional Child Tax Credit. 3. Child and Dependent Care Credit. If you paid someone to care for your child or children under age 13, so that you could work or look for work you may be able to claim this credit. |
Taxable and Nontaxable Income Explained
Most types of income are taxable, but some are not. Income can include money, property or services that you receive.
Here are some examples of income that are usually not taxable:
- Child support payments;
- Gifts, bequests and inheritances;
- Welfare benefits;
- Damage awards for physical injury or sickness;
- Cash rebates from a dealer or manufacturer for an item you buy; and
- Reimbursements for qualified adoption expenses.
Some income is not taxable except under certain conditions. Examples include: 
|
Good to Know for 2013:
The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government's Thrift Savings Plan has increased from $17,000 to $17,500.
Do you plan on making your maximum contribution?
|
 | |
Linda Smith and Maureen Sullivan
|
Questions?
At Smith, Sullivan & Company, PC, our dedicated professionals listen to your auditing and accounting, tax preparation, and small business questions. We provide personalized solutions to you, your family, business or nonprofit, all at a reasonable price.
Our accounting team has extensive experience. We understand your frustration when you tell us that you've paid top dollar for accounting services - only to learn that there's a junior-level person working on your engagement. Or, that it's mid-March and your accountant isn't returning emails or phone calls because your files have been put on the back burner so that they can focus on the tax return crunch. At Smith, Sullivan & Company, PC we only send senior-level accountants into the field and they remain accessible to you throughout the year. A dedicated team is assigned year-round specifically to our nonprofit clients, so that deadlines are met on time and your questions are never ignored.
Established in 1993, Smith, Sullivan & Company, PC is for you if you value communication, one-on-one attention, and "hands-on" expertise from experienced senior-level accountants. Whether you have a project to bid on now, or in the near future, contact us to schedule an introductory meeting, we'd love to meet you!
The information contained in this electronic message and any attachments to this message are intended for the exclusive use of the addressee and may contain confidential or privileged information. If you are not the intended recipient, be aware that any disclosure, copying, distribution, dissemination or use of the contents of this message is prohibited. If you have received this message in error, please notify the sender immediately and destroy all copies of this message.
To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this communication and any attachments is not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code or promoting, marketing or recommending to another party any transaction or matter addressed herein.
 |
|
|
|
|
|
|
|
|
|
