Tag Archives: dependents

This year, don’t forget to take advantage of tax credits and benefits that can save your family money. The following credits are important to taxpayers and their families: Child Tax Credit: is worth up to $1,000 per child, depending on income. The higher your annual income, the smaller the credit. Married taxpayers who file jointly […]

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Working parents know how difficult it can be to find appropriate care for their children while they work. If you pay for someone to watch your children while you work, there’s a possibility you may be eligible to claim the Dependent Care Credit. This credit has certain requirements that must be met in order to […]

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Exemptions are a quick way to save money when you file your tax return. In addition to a personal exemption, taxpayers can take an exemption for each dependent they claim, known as the dependency exemption. There are a few requirements that parents must meet in order to claim an exemption for each dependent. The exemption […]

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When the time comes to file your tax return, it’s incredibly important to ensure you’ve filled out every section with the utmost accuracy. Otherwise, you risk a delay in processing and incorrect refunds. Before you click “submit” or drop your return in the mailbox, double check all sections for the most common tax filing mistakes […]

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Working taxpayers with lower incomes may qualify for a special credit called the Earned Income Tax Credit. It helps ensure those who can work, do, by offering an incentive to low income taxpayers. Next to Medicaid, this credit comes in second as far as the amount of help it provides to taxpayers at lower income […]

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Are you a dependent, in relation to federal taxes, of another taxpayer? If so, you may be wondering whether or not you are required to file your own tax return. The following terms can help you make an accurate determination of your need to file: Earned Income: wages, salaries, tips, or other professional monies acquired […]

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As a taxpayer you are able to claim exemptions for dependents, these dependents will fall under one of two categories; qualifying child or qualifying relative. By claiming dependents on your taxes you will lower your taxable income by an amount for each dependent that is equal to the exemption. For 2014 the dependency exemption was […]

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Certain federal tax guidelines allows you claim children as dependents up to 23 years old. Generally you can claim children 19 years and younger, but there are a few different guidelines for full-time students. Any child that is 23 years old or younger and is a full-time student may be claimed as a dependent if […]

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If you financially support your parents, the federal government wants to help. At tax time, there are a few different options for tax assistance that is available to those who provide parental support. The 2014 tax season brings a new dependency tax care credit, as well as the ability to claim a parent as a […]

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Dependent Benefits

February 10, 2015

One of the easiest way to increase your tax benefits at tax time is to claim a child or eligible adult relative as a dependent. You are entitled to a personal exemption for each qualifying dependent that you claim, which helps put a little extra cash back in your pocket. You may even be able […]

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