Tag Archives: dependent

General Filing

Your Kids Can Save You Cash

November 30, 2015

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 […]

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At 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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For 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 […]

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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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Deductions

The Three Exemptions

March 29, 2015

For the 2014 tax year, filers can claim exemptions for three different categories, worth $3,950 each, if they meet the requirement for each exemption. Also, taxpayers who are high-income may be subject to a phase-out rule, in which these exemptions do not apply. Yourself: Unless you are claimed as a dependent on someone else’s tax […]

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Dependents

Who is a Qualifying Relative?

February 14, 2015

The 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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Credits

Child and Dependent Care Credit

November 17, 2014

Hiring a professional to care for a disabled adult, or having to pay for childcare services for children under 13 can be costly.  Luckily, the government has a tax credit which can help reduce these costs and put more money back into your pocket. The Child and Dependent Care Credit can put up to 35% […]

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If your girlfriend or boyfriend has unofficially moved their toothbrush into your bathroom, and are constantly crashing at your place, there’s a chance you may be able to consider him or her a dependent on your upcoming income tax. Contrary to popular belief, it’s not just children or relatives who can be claimed as dependents.  […]

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General Filing

Tax Help for Parental Support

November 5, 2014

This year, when you file your taxes, you may find that the government is willing to help offset some of the costs of financially caring for your parents. There a multiple ways that you can get tax assistance for parental support when you file your 2014 return. A new dependency tax care credit, along with […]

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