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Get Credit for Child and Dependent Care This Summer

6/11/2014

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Issue Number:    IRS Special Edition Tax Tip 2014-16Inside This IssueGet Credit for Child and Dependent Care This Summer

Many parents pay for childcare or day camps in the summer while they work. If this applies to you, your costs may qualify for a federal tax credit that can lower your taxes. Here are 10 facts that you should know about the Child and Dependent Care Credit:

1. Your expenses must be for the care of one or more qualifying persons. Your dependent child or children under age 13 usually qualify. For more about this rule see Publication 503, Child and Dependent Care Expenses.

2. Your expenses for care must be work-related. This means that you must pay for the care so you can work or look for work. This rule also applies to your spouse if you file a joint return. Your spouse meets this rule during any month they are a full-time student. They also meet it if they’re physically or mentally incapable of self-care.

3. You must have earned income, such as from wages, salaries and tips. It also includes net earnings from self-employment. Your spouse must also have earned income if you file jointly. Your spouse is treated as having earned income for any month that they are a full-time student or incapable of self-care. This rule also applies to you if you file a joint return. Refer to Publication 503 for more details.

4. As a rule, if you’re married you must file a joint return to take the credit. But this rule doesn’t apply if you’re legally separated or if you and your spouse live apart.

5. You may qualify for the credit whether you pay for care at home, at a daycare facility or at a day camp.

6. The credit is a percentage of the qualified expenses you pay. It can be as much as 35 percent of your expenses, depending on your income.

7. The total expense that you can use for the credit in a year is limited. The limit is $3,000 for one qualifying person or $6,000 for two or more.

8. Overnight camp or summer school tutoring costs do not qualify. You can’t include the cost of care provided by your spouse or your child who is under age 19 at the end of the year. You also cannot count the cost of care given by a person you can claim as your dependent. Special rules apply if you get dependent care benefits from your employer.

9. Keep all your receipts and records. Make sure to note the name, address and Social Security number or employer identification number of the care provider. You must report this information when you claim the credit on your tax return.

10. Remember that this credit is not just a summer tax benefit. You may be able to claim it for care you pay for throughout the year.

For more on this topic, see Publication 503 on IRS.gov. You can also call 800-TAX-FORM (800-829-3676) to have it mailed to you.


Additional IRS Resources:

  • Tax Topic 602 - Child and Dependent Care Credit
  • Frequently Asked Questions - Child Care Credit
  • Publication 926, Household Employer's Tax Guide
  • Publication 907, Tax Highlights for Persons With Disabilities
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Fl. Dept. of Revenue Sales Tax Due Date for Paper Filers

6/5/2014

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May 2014 monthly sales and use tax returns are due on or before Friday, June 20, 2014. Your paper tax return and payment must be postmarked or hand-delivered no later than June 20th. You must file a tax return even if you do not owe tax.

If you owe no tax and are not claiming any deductions or credits, you may Telefile by calling 800-550-6713. When you telefile, you do not need to mail your tax return. Keep the telefile confirmation number for your records.

Tax returns and payments sent after the due date noted above are subject to penalty and interest. Failure to receive a due date reminder is not grounds for waiver of penalties and interest charged for lateness.

If you have already submitted your return and payment, or you file and pay electronically, please disregard this reminder.

Note: Taxpayers who timely file and pay sales tax electronically automatically receive due date reminders and are eligible to deduct a collection allowance. The collection allowance is 2.5% (.025) of the first $1,200 of the Amount Due (Line 10), up to $30 per collection period.

Please keep your subscription preferences up to date. You received this e-mail because our records show that you signed up to receive a monthly reminder. If your filing frequency changes, you are responsible for updating your profile on our subscription page (http://dor.myflorida.com/dor/list/).



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Gold - the new global currency...

6/2/2014

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Gold - the new global currency...
There was a time when gold was money. The world's major economies have experienced a rapid money supply growth of 10 % plus per annum in recent years, and it is not backed up by gold, as in 'the good old days'. But the yellow metal is returning as a store of value when everything else seems risky. Watch our 4 minute Intro Presentation. 
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Interest Rates Remain the Same for the Third Quarter of 2014

6/2/2014

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Issue Number:    IR-2014-70Inside This IssueInterest Rates Remain the Same for the Third Quarter of 2014WASHINGTON — The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning July 1, 2014.  The rates will be:  

  • three (3) percent for overpayments [two (2) percent in the case of a corporation];
  • three (3) percent for underpayments;
  • five (5) percent for large corporate underpayments; and
  • one-half (0.5) percent for the portion of a corporate overpayment exceeding $10,000.  
Under the Internal Revenue Code, the rate of interest is determined on a quarterly basis.  For taxpayers other than corporations, the overpayment and underpayment rate is the federal short-term rate plus 3 percentage points. 

Generally, in the case of a corporation, the underpayment rate is the federal short-term rate plus 3 percentage points and the overpayment rate is the federal short-term rate plus 2 percentage points. The rate for large corporate underpayments is the federal short-term rate plus 5 percentage points. The rate on the portion of a corporate overpayment of tax exceeding $10,000 for a taxable period is the federal short-term rate plus one-half (0.5) of a percentage point.

The interest rates announced today are computed from the federal short-term rate determined during April 2014 to take effect May 1, 2014, based on daily compounding.

Revenue Ruling 2014-14 announcing the rates of interest will appear in Internal Revenue Bulletin 2014-27, dated June 30, 2014.

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