We all know that supporting a dependent can cost a bundle, but here are four things you may not know about dependents that will help you at tax-time.
Related and non-related dependents save you money. Even though you may be shelling out thousands for food, a place to live, and care for your dependent, the IRS gives you tax breaks for your dependent child, relative, or non-relative in the form of tax deductions and tax credits. Although tax credits reduce your tax liability dollar for dollar and tax deductions reduce your taxable income, both tax credits and tax deductions can save you money on your taxes and boost your tax refund.
The Paycheck Protection Program is back. Business can apply for loans to keep their workforce employed. Congress approved more than $280 billion in relief funds for this purpose. Remember that not all lenders will be able to process and issue funds. Smaller community based lenders who work with low income communities and minority owned businesses