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• Your dog is not a dependent, and other tax tips

  Posted Feb 15 2008, 10:46 AM by Karen Datko
  Filed under: Spending, Family, Taxes, Karen Datko

  Have a question for your tax preparer that you think will sound stupid? You're probably right, says Creative Accountant at Just Read the Blog. But, for those who insist on testing "the patience, sanity and trigger finger of tax accountants," Creative Accountant presents a list of questions you really should avoid.

  Your dog is not a dependent. Also, you can't claim your sister's kid as one just because she can afford not to. "Sorry," CA says. "I don't make the rules."

  Now, on to medical expenses: "Botox and *** implants are usually not deductions," CA writes. "Now, most women probably just zoned in on the word 'usually.' So when is it a deduction? There is a good shot if you are a stripper it will fly."   Read More...

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• A timely tax primer for military members

  Posted Nov 12 2007, 11:18 AM by Karen Datko
  Filed under: Family, Taxes
  In a Veterans Day salute to the nation's former and active-duty military personnel, journalist and "self-proclaimed tax geek" Kay Bell provides quick and comprehensive access to tax rules for military folks at her weblog, Don't Mess With Taxes . She includes a link to an extremely authoritative Bell article at bankrate.com spelling out special exemptions and deadlines for those serving in combat zones, tax relief for new soldiers, a special rule for calculating the Earned Income Tax Credit, and other information that will come in handy for military members and their families. She also gives an update on the Heroes Earnings Assistance and Relief Tax (HEART) Act of 2007. She asks us all to "take at least a moment to think about the millions of veterans who served in the quest of peace and the difficult and often devastating jobs that they did -- and our active military personnel still do -- for us all."
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• The financial upside of having a child

  Posted Oct 18 2007, 03:23 PM by Karen Datko
  Filed under: Spending, Family, Taxes
  Trent at The Simple Dollar urges calm for expectant mothers worried about how to afford a new mouth to feed, clothe and educate . His post is a primer on the tax benefits of raising a child: a $3,200 tax deduction, a $1,000 tax credit , and a child-care tax credit of up to $3,000. It's also a testament to the human ability to adapt and survive (people can "squeeze water from a rock" if they have to, he notes), and a nod to common sense. After all, you'll be spending a lot less time out on the town or leisurely strolling down enticing department store aisles.
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