Tag Archives: dependent

If you opt to file your tax return using the head of household filing status, the tax rate income brackets expand. That means if you earn up to $50,800, you’ll still be able to remain in the 15% tax bracket, however you must have a dependent to claim HOH. Otherwise, you’d be considered a single […]

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 […]

If your spouse and children are U.S. citizens, it is easy to claim them on your tax returns. You just provide their name and Social Security numbers. It can be a bit more difficult to claim a non-U.S. citizen spouse or children on your return. But, you’re still able to claim them and take advantage […]

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 […]

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 […]

Credits for Children

Having a child is an exciting time in a parent’s life, from birth right up until – tax time? That’s right, children can save you money when filing your federal income tax return. If you’re the parent of a new child, you’ll be happy to know that it doesn’t matter what day throughout the year […]

Your Kids Can Save You Cash

Do you have a child under the age of 17? If so, you may be eligible to claim the Child Tax Credit, in which each child is worth a tax reduction of up to $1,000. In situations where the Child Tax Credit is worth more than the amount you owe in income tax, the Additional […]