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Blog: How Much Should You Donate to Charity? Are you inspired to donate to charity this year, but you’re not quite sure how much to give? There are so many causes that need our support. Hunger, food insecurity, social justice, racial inequality, climate change, fair elections, cure for Alzheimer’s, cure for cancer, refugees, girl’s education, the list goes on. You feel called to give more to charity, but you also don’t want to stretch your finances too thin. This article will guide you in your discernment on how much you should donate to charity. How much does the average person donat...

4 Ways Your 2021 Taxes Will Be Different From 2020's It's never too early to start planning to avoid a surprise tax bill by John Waggoner, AARP, May 18, 2021 | Comments: iStock / Getty Images You've checked and rechecked your 2020 tax return, sent it to the IRS, and then spent some time sobbing in the basement. Now you're all set to plan for your 2021 tax return. No? Think of it this way: A bit of planning now can keep you from wailing and gnashing your teeth next year, when you fill out your 1040 for this year. Bear in mind that the White House has proposed major tax changes, mos...

Tax Day 2021: Financial benefits of having dependents Today 10:00 AM Did your kids get a taste of the real world and decide that living off Mom and Dad was not so bad after all? Cheer up… you may still be able to claim them as dependents on your taxes. In the past, dependents could save money on your taxes in two ways: through individual exemptions and the potential eligibility for certain tax credits. The Tax Cuts and Jobs Act (TCJA) removed the personal exemption from tax year 2018, but expanded the Child Tax Credit and kept the Dependent Care Credit in place, despite early talks of doin...

WKBT May 12, 2021 9:00 AM MoneyTips Posted: Updated: Did your kids get a taste of the real world and decide that living off Mom and Dad was not so bad after all? Cheer up… you may still be able to claim them as dependents on your taxes. In the past, dependents could save money on your taxes in two ways: through individual exemptions and the potential eligibility for certain tax credits. The Tax Cuts and Jobs Act (TCJA) removed the personal exemption from tax year 2018, but expanded the Child Tax Credit and kept the Dependent Care Credit in place, despite early talks of doing away ...

Caring for an elderly relative can be rewarding, but incredibly difficult – as well as expensive. However, it may be possible to recoup some of the costs through income tax savings. There are two general approaches to tax savings on elder care costs – taking medical deductions that can be itemized and claiming a dependent care credit that can be subtracted directly from the taxes you owe. First, you must determine if your elderly relative qualifies as a dependent. Full details are listed in IRS Publication 501, "Dependents, Standard Deduction, and Filing Information," but the primar...