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Consider reviewing your beneficiary designations at least once a year, and update them if necessary.

Beneficiary Designations

Child Tax Credit

Beginning with the 2009 tax return, the child must be your dependent and the child must be younger than the person claiming the credit. Also, the 2009 American Recovery and Reinvestment Act increases the eligibility for this credit.
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Tax Terminology

Tax deferral

  • Shifting income to a later year, such as where you defer taxable interest to the following year by purchasing a T-bill or savings certificate maturing after the end of the current year. Investments in qualified retirement plans provide tax deferral.

Marriage and Family

Tax tips to help families and married couples adjust withholdings, understand filing status, and coordinate tax-favored benefits.

8 Tax Tips for Military Personnel

30 July 2011
Military personnel have some unique duties, expenses and transitions. Some special tax benefits may apply when moving to a new base, traveling to a duty station, returning from active duty and more. These tips may put military members a bit “at ease” when it comes to their taxes.
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Hire Children, Save Taxes

20 July 2011
Hiring Children to Work in the Family Business May Generate Some Employment Tax Savings

Summer is here and your kids need something to do. Why not hire them to work in your family business? If you do, it may help build their self-esteem. Plus your employment tax liability may also be a little less than it would have been if you had hired an unrelated individual to perform the task.
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Six Facts About Dependents and Exemptions

20 February 2011
Six Important Facts about Dependents and Exemptions

Some tax rules affect every person who may have to file a federal income tax return – these rules include dependents and exemptions. Here are six important facts to know about dependents and exemptions that will help you file your tax return.
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Dependents and Divorce

20 November 2010
Who gets to claim the children?

In general, if you want to claim your child as a dependent on your tax return, you must be the custodial parent (i.e., the parent with whom the child lived for the greater number of nights during the year). If you are the noncustodial parent, the custodial parent must sign a written declaration that he or she will not claim your child as a dependent, and you must attach this written declaration to your tax return.
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Gifts and Gift Tax

26 September 2009
If you gave any one person gifts in 2009, 2010 or 2011 that were valued at more than $13,000, you must report the total gifts to the Internal Revenue Service (IRS) and may have to pay gift tax on the gifts on your Federal income tax return.
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Marriage

08 August 2009
If you've recently gotten married or plan to marry soon, your financial, legal and income tax situations could be affected. Here are some important elements to consider.
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