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Tax Tips for Single Parents

Raising kids on your own is not easy and you need a break. Luckily, you may just get one ... or a tax break at least.

Tax experts say that the key to getting the proper credits on your taxes is not the divorce decree but reality. Although you may not be the official custodial parent, if your kids sleep under your roof for more than six months of the year, you can claim them as dependents. And here are a few more tax tips for single parents.

Haven't Filed Taxes in Years? Here's What to Do

Plenty of people have tax problems, rich and poor, and many people, no matter how much money they have, take a similar approach. They ignore the problems for as long as possible.

So if you are one of these people, you have company. But you should address your issues and the Internal Revenue Service is certainly willing to accept late filings.

Last June, the Supreme Court ruled that same-sex couples have the fundamental right to marry. This was great news for same-sex couples in states that previously prohibited gay marriage, or those that were already married but living in a state that refused to recognized same-sex marriages performed elsewhere. This means that no state can prohibit same-sex marriage (although some keep trying), and every state must recognize legal marriages no matter where the ceremony was performed.

And while the federal government has given tax breaks to married gay couples for a few years now, all states must follow suit, and some states (mostly those that banned gay marriage previously) are playing catch-up.

If you listen to the ads for all the free software and tax filing systems, you don't need a certified public accountant to do your taxes. But there are cases where a second set of eyes on your tax filing is not just recommended, but necessary. And not just from a CPA, but from an experienced tax attorney. As some experts have noted, accountants fill out the forms, but it's the tax lawyers that set up the legal structures that affect your tax liability.

So how do you know when to hire a tax attorney instead of a CPA? Here are a few clues:

IRS Will Recognize Same-Sex Marriages

Any tax code that talks of marriage will apply to all married couples, wherever wed. The Treasury Department and IRS yesterday proposed rules that will put in practice the Supreme Court's June decision recognizing same-sex marriage.

The proposed regulations would also interpret the terms "husband' and 'wife' to include same-sex spouses as well as opposite-sex spouses, a Treasury Department statement explains. These regulations implement the Supreme Court's decision in Obergefell v. Hodges and extend a revenue ruling from 2013.

Living with a disability may not be easy. But paying your taxes may be a little easier on your wallet. The tax deductions and credits available to a disabled person could limit your tax liability, eliminate it altogether, or result in the IRS owing you money.

Qualifying disabilities could be a physical or mental disability that limits your employment, or a physical or mental impairment that substantially limits your major life activities. If you are disabled, here are the tax deductions, credits, and exemptions to which you may be entitled:

Snare Bnb: Learn Local Rules to Avoid Room-Rental Woes

Airbnb is all the rage for homeowners. If you have some extra space in your house, maybe you're ready to take advantage of the room rental service. Having a room to spare, however, does not make you a hotelier, and you will have to investigate local rental and hospitality industry rules to avoid legal woes.

As room-rental apps rise in popularity, municipalities are increasingly cracking down on individuals turning their homes into businesses. Find out what you need to know about local rental taxation and regulation before your money-making scheme ends up costing you.

Whether you're in the crowd waiting to "Come on Down!" and play The Price is Right or beating Jeopardy! contestants to the answers, you're probably dreaming of what you could do with all that cash and prizes. But TV game show winnings may be smaller than they appear.

Just like lotto winnings, Olympic medals, home run balls, and even free doughnuts, if you've won something of value, the IRS is going to want their share. Does that apply to game show winnings as well?

Most people have one job and earn income in the state where they live. So they pay taxes in one state. That's simple. But, for people who earn income in states other than where they live, things get a bit more complicated.

Recently, the United States Supreme Court ruled that Maryland's tax on out-of-state income is unconstitutional.

Tax Day came and went and you did nothing. Well, you probably did something -- you just didn't file your taxes. You didn't even file for an extension like we told you.

And now you might be wondering whether the IRS will come calling for their money. Can they arrest you for not filing your taxes? Send you to debtor's prison? The good news is you're probably not going to jail, yet. The bad news is your battle with the IRS could get very, very expensive.