Friday Four: Taxes and signs that your child loves you

Hey mom, I’ve enclosed more tax tips here for you to use this 2010 tax filing season. This is just a part of a two week long series. Enjoy!

4 types of income the IRS can’t touch

1.Flexible Spending Accounts

2. Your company can give you discount fare cards, passes or tokens to take public transportation to work. As long as it is not worth more than $120 a month in 2009, your company can deduct it, but you, as an employee, receive it tax-free as a de minimus tax benefit

3. Get educated. The courses don’t even have to be job-related. But they can’t be for any education involving sports, games or hobbies.

When you’re due for a raise, ask your company to get creative in your compensation. There are numerous ways to receive nontaxable compensation. Let’s look at some of the best alternatives to taxable earned income. 

Tax-free compensation

When you’re due for a raise, ask your company to get creative in your compensation. There are numerous ways to receive nontaxable compensation. Let’s look at some of the best alternatives to taxable earned income.

 Your newborn stares into your eyes. He’s actually working hard to memorize your face. He doesn’t understand anything else about the world, but he knows you’re important.

2.Your toddler runs to you for comfort when he falls down or feels sad.

Kids this age may not truly understand the meaning of “I love you,” but their actions speak louder than words.

3. Your preschooler wants your approval.
He’ll start to be more cooperative around the house, and he’ll look for chances to impress. “Look at me!” will become a catchphrase.

4. Your grade-schooler trusts you with secrets, like his first crush or his most embarrassing moment.

You’re his confidante, even if he shies away from your hugs in public.

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