Individuals with disabilities as well as parents of disabled children are eligible for a number of income tax benefits. This article explains some of these tax breaks.
Author: Chris Peden, Supporting Partner
Now that we have a new year, it is time to start thinking about what you need to do getting ready for this so it doesn’t turn into a stress-filled experience.
What should you do to get ready?
At the end of the year, our thoughts turn to buy gifts for our family and friends. We also think of those less fortunate than ourselves and donate either money or other items to help them.
These gifts not only make lives better but also can be a deduction on your tax return.
One of the things that makes people nervous is when they get a tax deficiency notice in the mail. However, this does not mean that you will be audited, pay a large fine, or have to go to jail.
Why it matters: Not responding to a notice could make matters worse. A prompt reply to the notice can help mitigate any potential problems that arise.
If you hire your children to perform bona fide work for your business, and you pay them reasonable compensation for that work, you can take a deduction for the amount you pay them.
Why it matters: As a parent, you want to give your children a head start on building a career.
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It is hard to believe that the year is almost over.
The majority of people will agree that saving for retirement is something that they should do, but not everyone takes the time to do so.