Who is a tax dependent?A tax dependent is a relative or child whose characteristics and relationship with you allow you to claim certain credits and tax deductions, such as head of...
Posted by CORE PERFORMANCE on 03/10/2022
You know you can declare your children on the tax return as dependents. But what if you also support your parents? Can you claim them as dependents on your tax return? If you...
Posted by Abundant Wealth Planning LLC on 01/31/2022
If you have kids or other dependents under the age of 17, you may be eligible for the child tax credit. It was extended as part of the American rescue plan, which was signed by President...
Posted by Dennis Jao on 01/01/2022
An exemption is a legally permitted deduction that reduces the amount of income subject to income tax. The IRS previously offered two exemptions: personal exemptions and employee exemptions....
Posted by James Financial Services Inc on 05/07/2021
Tax credit for other dependents is a system designed by Uncle Sam in which relations (nuclear and extended families) can qualify for tax credits. With this credit, taxpayers can get...
Posted by Pat Raskob on 03/31/2021
When is the perfect time to give birth to a child during a tax year so as to claim that child as dependent on your tax return? You might be amazed by the answer: but anytime during...
Posted by Rosovich & Associates, Inc. on 03/26/2021
What is a dependent?A dependent is a qualified person other than the taxpayer or spouse, who gives the taxpayer the right to request a dependency exemption on their income tax return....
Posted by Income Taxes and Bookkeeping LLC on 02/10/2021
In accordance with the TCJA, significant changes have been made to the child tax credit. These changes affect fiscal years 2020 and 2021 and beyond. This article will cover all the...
Posted by Dennis Jao on 01/30/2021
Caring for children or dependent adults is one of the biggest monthly expenses many families face. But without primary care, parents may be unable to leave home to earn a living or...
Posted by CORE PERFORMANCE on 01/30/2021
