A tax dependent is someone with connections to you that permits some tax deductions and credits like the head of household, the child and dependent care credit, the child tax credit,...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 03/31/2023
A qualified tuition program, also known as section 529 plans, is an impressive way to prepare to take care of your college finances. What is a Qualified Tuition Program?A qualified...
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
Also known as EITC or EIC, the Earned Income tax Credit is a refundable credit, meaning that if you owe no tax and you qualify, you will get the value of the credit. The idea is to...
Posted by Karen Munoz, EA on 09/03/2021
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...
There is a way you can deduct the medical expenses of another person, even if the person is not under the same roof as you. This is a tax break that many do not utilize, especially...
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...
When it comes to who you can claim as a dependent on your tax return, the Internal Revenue Service (IRS) defines “relative” somewhat loosely -- that is the good news. The...
You may be one of the many taxpayers who need to open a bank account, pay U.S. taxes, file a U.S. tax return, aside from other things but may not get qualified for an SSN or Social...
Posted by Advanced Accounting & Tax Planning on 04/17/2019