Understanding how tax brackets work, as well as which bracket you are in, can help you make better informed financial decisions and determine the amount of tax due or refund with reasonable accuracy.
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Having a baby and adopting a child are joyous occasions in life. Most events such as welcoming a child have tax consequences that occur during the year that can affect your tax situation. Many parents can claim tax credits to offset the amount of tax they owe after having a child, and each credit comes with specific qualification requirements.
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Up to 85% of social security retirement benefits may be includable in gross income on your tax return, which means it may be taxable. The amount of taxable income depends on the filing status on the tax return, total amount of benefits received, and other income earned. This is important to those who continue to work while receiving social security retirement benefits.
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