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First Aired - 08/12/2010 04:30PM
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This week on Flash Talks Cash finds Flash going over the myriad of ways you can see some tax credits for money spent on your children (or for simply having children in the first place). Parents and guardians should take note, as almost everyone is covered by at least one item in this list of financial breaks offered by Uncle Sam for those trying to raise little ones. This episode was sponsored by White Oak Pastures.
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Flash Talks Cash Introduction: Using Your Kids! (15:20)
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Flash Talks Cash, Heritage Radio Network, Joann Flash Fleming, White Oak Pastures, www.whiteoakpastures.com, using your kids to get money from the government, financial gains to having kids, you can write off a dependant on your tax return, child tax credit, for every child you get $1000 credit, up to the age of 16, what's the difference between a deduction and a credit, a tax credit is just money back straight up, child care credit, 20% of your child care expenses, 20% of tuition is a credit, dependent care benefits, Earned Income Credit, what is working poor?, working poor means two married people with up to 3 kids making 48k dollars or less, 43k for a single parent, someone making $25k with 3 kids can get $5k back from the government, college tuition credits, $4000 credit or $10000 deduction, 529 plans, you put away money in a college fund and you get a writeoff, the law allows you to hire your children, private lessons and sports are non deductible,Email Questions & The Creative Accountant Segment (13:31)
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is Turbotax the way to go for freelancers or should you pay an accountant?, freelances would be well served to get their bookkeeping in order, if you have good numbers to record income and expenses, QuickBooks, simple program to you use, most freelances are too conservative to do their own taxes, keep diligent records!, what should I do with inheritance?, don't pay off a loan, a condo purchase is a good idea, Florida isn't very expensive, be careful for ponzi schemes, DO pay off credit card debt, The Creative Accountant Segment, last week's words, how can content creators make money on the internet?, make teaser videos instead of giving all the stuff away, make them pay for the full items, 21st century internet revolution, we need to figure it out, the better the quality of the content the more likely you are to succeed, make your product more desirable than the rest of the guys, new IRS campaign to collect unpaid FICA tax on tips, how would the IRS find out?, some waiters and waitresses are reporting tips to the government and not their employers, audits are way up, restaurants need to report better tips, three words for next week, person with excellent sense of smell, can't get down from the roof, addicted to television,To comment on this episode click here. There are currently Comments
