How to Get Tax Deductions for Care of Unrelated Students

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How to Get Tax Deductions for Care of Unrelated Students – This is a place for the community to provide tips and advice on How to Get Tax Deductions for Care of Unrelated Students. This topic was created by S Cshooter and the tips are provided by the community. The tips you add here can be your own or referred from another site. The best tips are then ranked at the top when up-voted by members of the community.

Tip 1 - Potential income tax benefits for families with special needs children

Published: 9 years, 3 month(s) ago | Submitted by Mary Farley | permalink

As the number of children diagnosed with autism, Asperger’s syndrome, and other neurological disorders continues to skyrocket, the disruption it causes in the lives of all those concerned is unmistakable—as are the costs of providing care for the special needs child. As reported by the Autism and Developmental Disabilities Monitoring

For further reading: http://www.journalofaccountancy.com/issues/2013/jun/20137378.html ^[1]

Tip 2 - When A Housemate Is A Dependent (And A Tax Break)

Published: 9 years, 3 month(s) ago | Submitted by Kiesha Held | permalink

If your boyfriend, grandma or unemployed brother is crashing on your pull-out couch, you could snag a tax break by claiming them as a dependent on your federal income tax return.
Tags: Entrepreneurs,Investing,Lifestyle,Personal Finance,Real Estate,Retirement,Taxes,Taxes and Law,Taxes & Law,Claudia Hill,Danita Leonard,dependent,dependent exemption,enrolled agent,exemption,federal income tax,Internal Revenue Service,Intuit,IRS,Liz Lemmon,Marc Soss,multigenerational households,personal exemption,Pew,qualifying child,qualifying relative,Robert Meighan,support test,Tax deduction,Tina Fey,TurboTax,U.S. Tax Court

For further reading: http://www.forbes.com/sites/ashleaebeling/2012/02/03/when-a-housemate-is-a-dependent-and-a-tax-break/ ^[2]

Tip 3 - Can I Get a Deduction for Unrelated Children?

Published: 9 years, 3 month(s) ago | Submitted by Scott Carley | permalink

Each dependent child you can claim represents a $3,800 deduction from income on your taxes. The Internal Revenue Service rules for claiming a child as a tax deduction are relatively straightforward ...

For further reading: http://finance.zacks.com/can-deduction-unrelated-children-4201.html ^[3]

Tip 4 - 5 Overlooked Tax Deductions for Small-Business Owners - NerdWallet

Published: 9 years, 3 month(s) ago | Submitted by Jill Purser | permalink

From your home office to startup costs to the business mileage on your car, make sure you're taking every tax deduction you're eligible for.
Tags: credit cards, cd rates, savings, checking accounts, scholarships, airlines

For further reading: https://www.nerdwallet.com/blog/small-business/5-overlooked-tax-deductions-smallbusiness-owners/ ^[4]