9 Important Tax Tips All Parents Need to Know

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American Rescue Planfiling taxes

1. Look closely at your 2019 and 2020 earnings before rushing to file.

2. Don’t forget that your unemployment is taxable.

3. Make a charitable contribution? You should deduct it.

4. Did you have a baby this year? Make sure they have a Social Security number.

5. If you’re self-employed and got sick due to COVID in 2020, or cared for someone who was sick with COVID, you may qualify for a credit.

6. If you bought Bitcoin — or other crypto — you need to fess up.

7. Got an adult child in the house? You might need to have an awkward conversation.

8. Don’t forget your Robinhood phase.

Robinhood appreporting Robinhood tax reports 374 pages long

9. And don’t forget about spousal contributions.

International Assets Advisory. “

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