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  • Paying for Payroll Taxes With Form 8109 Coupon to End December 31st August 22, 2010
    The IRS has issued proposed regulations that would eliminate paper coupons for deposits of employment taxes, corporate income and estimated taxes, and many other taxes (REG-153340-09).  The paper 8109 coupon payment system will be shut down at the end of 2010.  Taxpayers currently still using the paper coupons to make [...] […]
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  • President’s budget proposal calls for quarterly W-2 reporting May 12, 2010
    There is a provision in the President’s fiscal year 2011 budget (Oct. 1, 2010 to Sept. 30, 2011) that would require quarterly W-2 reporting, rather than annual. The budget document says that increasing the timeliness of wage reporting would enhance tax administration, improve program integrity for a range of programs, and facilitate implementation of [...] […]
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  • 2010 Health Insurance Reform Tax Credit Calculator for Small Business May 11, 2010
    Found this handy calculator if you’re wondering if your business qualifies for the new small business tax credit on health insurance. Courtesy of National Federation of Independent Businesses. […]
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Tax Aspects of Providing Foster Care

If you are currently caring for a foster child, or considering doing so, there are several tax benefits of which you should be aware. This analysis is pertinent for those that will be taking a foster child into their home—for reasons other than profit—and that an agency is going to make monthly payments for so long as you provide the foster care. Questions that arise are how foster parents should treat those payments for tax purposes, whether you can deduct your expenses in raising the foster child, and whether there are any other tax aspects to providing foster care.

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September 15th, 2009 | Tags: , , | Category: Personal Taxes | Leave a comment