Tag Archives: qualifying relative
Claiming a dependent is a great way to save some cash on your taxes, though you need to be sure that the person you claim actually qualifies as a dependent. There are several rules for claiming dependents on your tax returns, including requirements for qualifying children or relatives. The following information will help you determine […]
— Read moreMany taxpayers are unsure of the full scope of the Head of Household filing status when it comes time to file a tax return. Knowing about all the details of this status can benefit you greatly, because those who qualify to file Head of Household receive savings and tax benefits. Many single parents love this […]
— Read moreUnderstanding the tax laws isn’t always an easy task. However, there are certain parts of the tax code that are relatively straightforward and simple to comprehend – for tax code that is. Exemptions are one of the few great parts of filing your taxes, because they help taxpayers get back more of their hard earned […]
— Read moreHaving a baby can be one of life’s greatest treasures. From their first smile, first step, first word, and even their first tax deduction- wait, what? That’s right, having a baby not only enriches your life, but also your pocket come tax time. The US Department of Agriculture reports that it costs an average of […]
— Read moreFor 2014, taxpayers are eligible to receive an exemption of $3,950 (a fixed amount) if they are responsible for supporting another individual. There are a few other qualifying factors to what is known as the dependency exemption. Provided they meet the requirements, a taxpayer can receive a dependency exemption for each person they support. The […]
— Read moreThe person for whom a taxpayer claims a dependency exemption for is called a dependent. A dependent must be someone other than the taxpayer or their spouse. There are two different distinctions of dependents: qualifying child and qualifying relative. A dependent must be one of the two classifications, as well as meeting a few other […]
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