Tag Archives: relationship

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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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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Dependents

Who is a Qualifying Child?

February 13, 2015

Taxpayers are eligible to claim an exemption for dependents in two separate categories: qualifying child and qualifying relative. By taking a dependent exemption you can lower your taxable income by a specified amount equal to that of the exemption. For example, since the dependency exemption for 2014 is $3,950, an eligible taxpayer can deduct this […]

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Dependents

Depending on Claiming Dependents?

November 18, 2014

To get a little extra cash back this tax season, consider the benefits you may be eligible for by claiming children or adult relatives as dependents. For each dependent you claim that qualifies, you get a personal exemption, and depending on the age and relationship of the dependent, you may be eligible for additional tax […]

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