Tag Archives: dependents
In order to get a little extra cash back this tax season, consider the benefits you can claim as dependents for children or adult relatives. For each dependent you claim that you qualify, you may be eligible for an additional tax credit that can reduce your tax liability and save you money depending on the […]
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Dependents are an important part of the tax filing process. Understanding who qualifies as a dependent is essential, as two tax incentives – the Earned Income Tax Credit and Head of Household filing status -require taxpayers to have one or more dependents. In most cases, dependents are the taxpayer’s child, as they rely on the […]
— Read moreFor purposes of deductions and exemptions, a custodial parent can claim a child as a dependent in many cases. The tax law has very specific rules about who can qualify as a custodial parent. The following describes a specific situation in which the rules of custodial parents needed to be examined closely to determine which […]
— Read moreIf you claim a dependent, and another taxpayer lists the same person as their dependent, the IRS is likely going to reject your tax return. Generally, to claim a dependent you supply the IRS with the dependent’s Social Security number, which is used to authenticate your relationship with the person and that some basic rules […]
— Read moreOnce you begin preparing your taxes, it won’t be long before you begin to question who you can claim as a dependent. It’s important to know who qualifies, because each dependent can save you a little extra by way of an exemption – a set amount deducted directly from your taxable interest. The dependent exemption […]
— Read moreTaxes can be difficult to prepare on your own, and as a parent, the addition of dependents can make things even more difficult. However, by claiming your child(ren) as a dependent, you become entitled to a variety of tax savings from the government. In order to maximize your benefits as a parent, follow these tips: […]
— Read moreAt tax time, anything that can help save you money off your tax bill is highly welcomed. These two tax items can put more money in your wallet, where you need it most. Deductions Deductions are a great way to reduce the amount you owe in taxes at the end of the year. Expenses that […]
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