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6 Things You Need To Consider Before Filing Your Taxes If You’re Paying Or Receiving Child Support (Press Release)
Expert gives advice on how to navigate adding child support to your tax return Key Points: Tax season can be stressful enough without the added confusion of how child support factors into your return. One of the biggest misconceptions is that child support is either taxable income or deductible. Spoiler alert: it’s neither! “However, there are still important tax rules you need to know—whether you’re paying or receiving child support—so you don’t make mistakes,” says Kira Abernathy, the lead attorney at Your Law Firm, a firm dedicated to providing people-first legal services. Below, Kira breaks down what you need to know with some key points. 1. Child Support Is Tax-Neutral…
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Your Paycheck After Taxes: 7 Ways to Stretch It
Your Paycheck After Taxes: 7 Ways to Stretch It Photo by The New York Public Library on Unsplash Do you remember your first payday? It might have been from your job in high school, and it was time to collect your first-ever paycheck after working for two weeks. You opened it (or logged online) to see that glorious number — but thanks to taxes, it was less than what you expected when you multiply your salary by the hours you worked. Taxes vary by state, but in Mississippi, the state with the lowest median income of $45,792 per year, residents who earn that amount only walk away with $36,989. That’s…
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