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Friday, April 10, 2026 - Broadridge Content
Qualifying widow(er) with dependent child — let's just call it qualifying widow(er) — is a filing status for federal income tax returns that may be available to you if your spouse died at any time during the prior two tax years. The filing status that you choose is important because it determines, in part, whether or not you are required to file a tax return, the amount of your standard deduction, the deductions and credits that are available to you, and the amount of your correct tax for the year. The qualifying widow(er) status allows you to use joint tax rates and the highest possible standard deduction (if you don't itemize deductions), so it's generally very advantageous for those who meet the requirements.
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Friday, April 10, 2026 - Broadridge Content
One basic method to maximize the exclusion for both spouses has been an A-B trusts arrangement.
Read more...Thursday, April 23, 2026 - Broadridge Content
You may be able to claim a tax credit for expenses you paid to adopt a child. In 2026, you can claim an adoption tax credit of up to $17,670 (up from $17,280 in 2025) of qualified adoption expenses per eligible child (including a child with special needs). Use IRS Form 8839 to claim the credit.
Read more...Thursday, April 23, 2026 - Broadridge Content
Beginning in 2018 under the Tax Cut and Jobs Act of 2017 and continuing under new provisions in the One Big Beautiful Bill Act., an individual taxpayer (and certain trusts and estates) may claim an income tax deduction equal to 20% of the taxpayer's allocable share of qualified domestic business in
Read more...Thursday, April 23, 2026 - Broadridge Content
If you have a child or other dependent and work outside the home, you may need to pay someone to care for your loved ones. Fortunately, the child and dependent care credit may provide some financial relief. The child and dependent care credit is an income tax credit for up to 50% of certain expenses you paid to provide care for your dependent child, your spouse, or a disabled dependent while you worked or looked for work. Under the One Big Beautiful Bill Act (OBBBA) of 2025, this maximum rate applies to families with an Adjusted Gross Income (AGI) up to $15,000, before phasing down to a 20% floor for higher earners.
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