Category Archives: Dependents

Claiming 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 […]

Dependents Are a Benefit

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 […]

Custodial Parent Rules

For 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 […]

So You Think You Can Claim A Dependent?

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 […]

How to Claim Dependents Lawfully

The dependent exemption can be quite valuable to taxpayers when they file their tax returns. Provided the dependent meets all the requirements to be considered a qualifying child or qualifying relative to the taxpayer, the filer is eligible to claim a dependent exemption. The IRS has certain rules in place as stated in the tax […]

In most situations, you can only claim a child as a dependent if they lived with you for over 50% of the tax year. It’s standard that the taxpayer with whom the child lives with, in most cases the custodial parent, has the right to claim the child and the associated credits and exemptions. There […]

Because of the changing state of the demographics throughout the nation, there’s a new type of dependent claim on the rise: Parents and adult children of middle-aged taxpayers. As a taxpayer, if you manage the daily care and financial support of one or more of your parents, and your parents can be classified as a […]

What if you were claimed as a Dependent?

If 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 […]

Who Qualifies as a Dependent?

Once 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 […]

When you’re ready to file your return, you may be interested in knowing how you can save money just by being a parent. The sheer act of raising children can reduce the amount of taxes you owe. The following eight options are available to parent taxpayers: Dependent Deduction: Generally, you can claim your child as […]