Another New Year is coming. What will 2010 bring America? My wishes would be for health, happiness, and a better economy for all. Another tax season will soon be upon us. Hubby has already preordered the tax forms and is ready to go.
The standard rule of thumb for deductions is that if you are legally married on December 31, you get the deduction even though the wedded bliss has only been for 24 hours. Enjoy it while it lasts. The same rule applies for children for whom you have paid 50+% of support. Even if they are born at the last second of 2009, you get the deduction for your 2009 filing.
Kids are a big expense from birth on. $221,000 is the average cost for raising one through age 17. Most contests are for the first baby of 2010, but TurboTax wants only cute babies born in December, 2009. The winner of its third annual nationwide search for America’s Cutest Last-Minute Deduction will win $5,000. So proud parents, get out your camera and start snapping and send your baby’s picture to www.cutesttaxdeduction.com. The deadline for all submissions is January 7, 2010.
Have fun and good luck!
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