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Depending on dependents for a tax break
Over the past several years, many individuals experiencing economic challenges have relied on the financial and housing help of parents, children, and other family members. According to the Pew Research Center that analyzes U.S. Census Bureau data, 51.4 million Americans lived in multi-generational households in 2009, up from 46.5 million in 2007. But what about individuals or families who provide housing and support to non-relatives? Forbes reports that in some cases, non-relatives may qualify as dependents also, thereby reaping a tax break for the head of household (”When A Housemate Is a Dependent (And A Tax Break)”). Continue reading →
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Your college tuition or my retirement fund
As the cost of private four-year colleges has gone up to an average of $27,000 each year , many parents find themselves between a rock and a hard place. Do they fund their children’s tuition and ignore their retirement savings or do they curtail education spending and divert additional money into a future nest egg? Continue reading →
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