Parents who are adopting a child have a lot on their minds. They also often incur a lot of expenses. But don't forget that there is some relief offered at tax time in the form of tax credits to help offset costs. Here are the key credits available for adoption.
Adoption Credit
The Adoption Credit allows you to claim up to $13,190 (in 2014) of the expenses of adoption (except in the case of adopting your spouse's child).
Read More
Reading books and watching DVDs are not always leisurely pursuits. Investing the time in watching an instructional DVD or reading a non-fiction book could increase your knowledge in a variety of subjects. Perhaps the knowledge you gain proves extremely helpful in the performance of your job. By the way, anything purchased for legitimate business-related purposes is viable as a tax deduction. Claiming tax deductions on DVDs and books, however, does require a little extra accounting work in order to defuse any skepticism on the part of a tax examiner.
Read More