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Every year on the night of April 14th, post offices across the U.S. are swamped by a tsunami of last-minute tax filers. The complexity of our tax system, the amount of money some people must come up with to pay off their tax debts, and good old human procrastination are all to blame.

All is not lost, however. In this series, WalletPop comes to the rescue of those looking down the barrel of a 1040, with a eleven suggestions from our tax expert Tracy Coenen and one from me on how to deal with last-minute preparation and establish the framework to avoid a repeat in 2009.





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TurboTax Articles

Deducting Summer Camps and Daycare with the Child and Dependent Care Credit

If you paid a daycare center, babysitter, summer camp, or other care provider to care for a qualifying child under age 13 or a disabled dependent of any age, you may qualify for a tax credit of up to up to 35 percent of qualifying expenses of $3,000 for one child or dependent, or up to $6,000 for two or more children or dependents.

Video: Who Qualifies for an Affordable Care Act Exemption (Obamacare)?

The Affordable Care Act requires all Americans to have health insurance or pay a tax penalty. But, who qualifies for an Affordable Care Act exemption? Find out more about who qualifies for an exemption from the Affordable Care Act tax penalty, how to claim an exemption on your tax return and how the Affordable Care Act may affect your taxes with this video from TurboTax.

What Is Schedule H: Household Employment Taxes

If you hire people to do work around your house on a regular basis, they might be considered household employees. Being an employer comes with some responsibilities for paying and reporting employment taxes, which includes filing a Schedule H with your federal tax return. But even if you have household employees, filing Schedule H is required only if the total wages you pay them is more than certain threshold amounts specified by federal tax law.

Taxable Income vs. Nontaxable Income: What You Should Know

Knowing what to claim as taxable and nontaxable income can reduce your tax liability. Income can be acquired in many forms, including wages, salaries, interest, tips and commissions. ?Consider all money that increases your wealth as taxable,? advises accountant Caroline Thompson. ?There is very little that is nontaxable. The government specifically lists anything that is not taxable and the circumstances that must exist or occur for it to be non-taxed income,? she adds.

What Are the Tax Penalties for Smokers?

Starting in 2014, the Individual Shared Responsibility provision of the Affordable Care Act made you responsible for having minimum essential coverage, or MEC, in health insurance. Otherwise, you need to be eligible for a health care exemption, or you could pay a penalty when filing your income tax return. This requirement for minimum essential coverage applies to smokers and nonsmokers alike. If you?re not covered by an employer's health plan and are a smoker, you can go to the health care marketplace to find MEC. If you?re still unable to comply, you may have a penalty applied.

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