Monthly Archives: April 2015

Anyone who pays taxes and is not claimed as a dependent on anyone else’s return is eligible to receive a personal deduction simply because they are a taxpayer. This deduction is known as a personal exemption, and the amount is a set dollar amount for the entire year. In 2014, the exemption amount was $3,950, […]

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Taxpayers who work, but have low incomes, are entitled to a special tax credit known as the Earned Income Credit. This credit is essentially an incentive for low income taxpayers to continue working, and is second only to Medicaid in the amount of assistance it provides to low income families. The earned income credit amount […]

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For many parents, in order to make money, they have to spend money. Working parents may have to pay for the care of their child while they are at work, and if so, they may be eligible for a limited tax credit. The tax credit, known as the dependent care credit, is based on your […]

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If you have a child under the age of 17, you are eligible to claim a tax credit for that child. This credit of $1,000 per child, can be claimed each year until the child turns 17. This credit does not replace the dependency exemption that you may claim for your child, so you are […]

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If you are claimed as a dependent on someone else’s tax return, you still may be required to file your own return. To determine whether or not you need to file, consider the following definitions and how they relate to you: Unearned Income – is any taxable interest, ordinary dividends, and capital gains distributions you […]

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