Moore Bookkeeping

Find the best states to retire in, based on categories such as health care, crime, cost of living, taxes and weather.

Source: Can’t decide where to retire? This may help

Confused about your form W-4? Not sure how many allowances to claim? Zero? One? The maximum? Here’s what you need to know.

Read More: Figuring Out Your Form W-4: How Many Allowances Should You Claim? – Forbes

Moore Bookkeeping is doing tax returns again this year, so if you’re looking for someone reasonably-priced and thorough to get your federal and state return completed, contact us today!

Taxpayer asks:If I’m a single stay at home mom with 2 kids but no income Am I eligible for a child credit refund?Taxgirl says:Unfortunately, no. If you don’t have any income, you won’t benefit from most federal income tax credits.When it comes to the Child Tax Credit, you can’t claim the credit if you don’t have income. This is because the credit is nonrefundable which means that if the available tax credit exceeds your tax liability, your tax bill is simply reduced to zero. So even if you were able claim both kids at $1,000 per child (the maximum available child tax credit for the 2015 tax year), if you don’t have any tax liability, you can’t benefit from the credit. The credit does not carry forward to any future years (or back to any past years): it simply disappears.Some taxpayers who don’t receive the full benefit from the Child Tax Credit may qualify for the Additional Child Tax Credit. The Additional Child Tax Credit is refundable which means you can receive a refund even if you do not owe any tax. However, to qualify, you must have at least $3,000 of earned income or have at least three qualifying dependents (additional criteria applies).Other child-related credits include the Earned Income Tax Credit (EITC) and the Child and Dependent Care Credit. Like the Additional Child Tax Credit, the EITC is refundable which means that you can receive a refund even if you do not owe any tax. However, in order to qualify for the EITC, you must have income from working or running a business. Similarly, the Child and Dependent Care Credit is only available to those parents who work (or are looking for work) and who have earned income from wages, salaries, tips, other taxable employee compensation or net earnings from self-employment.

Source: Ask The Taxgirl: The Child Tax Credit – Forbes

American families are having a tough time catching a break, thanks to stagnant wages and an uneven recovery. But a less-known issue may be playing an even bigger role: child care costs.

This expense is now a major stress on many American families, given that only a handful of cities meet the Department of Health and Human Services’ affordability threshold for the service — 10 percent of family income — and that child care costs more than college tuition in 33 states and the District of Columbia.

That’s according to a new report from The Economic Policy Institute. The issue increasingly isn’t a problem only for low-income families but also for middle-income and even upper-income Americans, given that the median household income peaked in 1999.

“In 500 out of 618 budget areas, child care actually exceeded the cost of rent. It was so shocking” given that rent is considered one of the major expenses in a family’s budget, said Elise Gould, a senior economist at the EPI who wrote the report with Tanyell Cooke.

While costs vary wildly based on location, the common theme is that most Americans are struggling to pay for quality child care. That’s why so many families create a network of friends and family to provide care, or sometimes cobble together staggered shifts so that one parent is at home with the kids.

Read more: The shock of soaring child care costs – CBS News

More millennials are spending early adulthood in the same place where they spent their formative years: in their parents’ homes.It’s crucial that both parties understand the financial implications of this homecoming. For parents, a child’s return often means a greater financial burden, just as the parents may be struggling to meet their own savings and retirement goals. It also can make it more difficult for the millennials to acquire the financial skills they’ll need later in life.According to a recent study by PEW Research Center, the percentage of 18- to 34-year-olds living with their parents is higher today than it has been in decades. Currently, 26% are back in the nest, up from 22% in 2007. The rise has occurred among both high-school and college graduates, and has continued since the recession’s end, despite the fact that millennials are earning more and have a lower unemployment rate than they did a few years ago.

Read more: When Millennials Move Back Home – WSJ