There are situations in which multiple parties claim the same dependent. For example, in divorced cases, a child may be claimed as a dependent by both parents. In general, only one...
Posted by James Financial Services Inc on 04/27/2021
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...
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....
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...
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
There are five types of tax filing status: head of household, married filing separately, married filing jointly, qualified widow, and single filing. The status of your tax return can...
Tax exemption is the right to exclude from tax certain amounts of income or assets.Being tax-exempt or having a tax exemption seems like a way to lower your tax bill, but it can cause...
The I.R.S. has issued final regulations that clarify a qualified relative's definition within the meaning of various provisions of the Code for fiscal years 2018-2025. The final...
Is Foster Income Taxed?Payments received as Foster Income are NOT taxable, so you do not need to report them. Suppose the assistance is provided to a qualified foster individual and...