If you provided support last year for a child in your household who is unrelated to you, you may be able to claim a deduction for that child due to new rules for dependents.
The IRS recently clarified the tax laws relating to qualifying dependents. This clarification means that if you live with and support your significant other’s child, you can claim that child as your dependent. The child does not have to be a blood relative or related by marriage to be claimed as a dependent. This change is retroactive to all tax years beginning after December 31, 2004, which means you can amend your tax returns from those years to receive this benefit.
If you are eligible to claim an unrelated child as a dependent, you can also claim any eligible day care expenses for the Child and Dependent Care Credit.
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Did you buy a house or refinance your mortgage last year? If so, you may qualify for a new deduction.
Homeowners may be able to deduct mortgage insurance premiums, also known as PMI, that they paid for the year on mortgages taken out or refinanced in 2007 or after. Generally, you pay PMI if you put less than 20 percent down on your home.
The PMI deduction is available if you itemize your deductions on your tax return. The amount of mortgage insurance premiums you paid last year is typically shown in Box 4 of Form 1098.
Homeowners with adjusted gross income of less than $100,000, and who itemize their deductions, can reap the entire benefit of this deduction -- meaning they can deduct all the PMI they paid for the year.
Produced for Jackson Hewitt Tax Service Inc.
In addition to new tax laws and late-breaking tax law changes, life events and life changes can often have a dramatic impact on your tax return.
There are a lot of deductions and credits in the tax code. Even if you haven't qualified for them in prior years, you may now be able to get a new credit or deduction due to a life change. For example, if you have gotten married or divorced, moved, taken a new job, become a parent, or started to support a dependent parent, you may have new tax benefits that you did not have in prior years.
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Have you thought about all the tax benefits you can receive this year? You may be among the one in four eligible taxpayers who, according to the IRS, fails to claim the Earned Income Tax Credit.
The Earned Income Tax Credit, or EITC, helps low and moderate-income workers and working families. More than 22 million taxpayers received more than $43 billion in EITC on their federal income tax returns last year.
While the EITC is a popular credit, it is often confusing for many taxpayers. There are earnings limits for eligibility and rules for claiming dependents. Ordinarily, you must have earned income as an employee, independent contractor, farmer, or business owner. Some disability retirees are also eligible.
Produced for Jackson Hewitt Tax Service Inc.
This week's PopCrunch Show takes a crack at Fergie, Jennifer Love Hewitt, Oprah, Obama, Jessica Sierra, Nicole Richie and Joel Madden. Cuz we think skinny-fat is the new black.
We all know stylists, make-up artists and photoshop are key parts of making celebrities look their best. After bikini photos of Jennifer Love Hewitt surfaced, we're wondering if you love the celebs or do you love to tear them down?
ManiaTV.com - Bringing you the latest in music and entertainment with Mania Bytes. Check out the fight between Jennifer Love Hewitt and Three6Mafia. To see more go to: http://www.maniatv.com
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