Tax & Dependents

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Do I Claim My 19-Year-Old on My Taxes?

If you're like most parents, your love for your child knows no bounds, but you're also aware that he saves you money at tax time. The Internal Revenue Service acknowledges that raising your child costs a lot of money, and it allows you to claim a dependent deduction for him. The ...

The Tax Benefits for a Newborn Baby Child

The birth of a child is a life-changing event that can affect many aspects of your finances, including your income tax returns. The government offers tax exemptions and credits to the parents of dependent children, so having a baby can reduce your income tax liability. Children ...

Head of Household Qualifications and Dependents

If you can qualify as head of household, you'll pay taxes on $2,750 less in income in the 2012 tax year, the difference between the $8,700 head of household standard deduction and the $5,950 deduction for single filers or married individuals filing separately. Qualifying isn't ...

Can I Claim My Adult Child as a Deduction?

As your children get older, they usually become more self-reliant and independent from you. In many cases, you'll also lose the ability to claim them as a dependent on your tax returns. If your child is over 18, or over 23 if she's a full-time student, you can't claim her as a ...

Shared Custody and a Child Care Tax Deduction

Divorce – particularly divorces involving children – typically complicates tax issues. Individual states determine their own divorce and custody laws, while the Internal Revenue Code, which governs taxes, is federal legislation. However, federal law supersedes state law, and ...

What Deductions Can My Child Use When I'm Claiming Him on My Taxes But He Works?

Many teenagers and young adults continue to rely on mom and dad after they get their first job. Even later in life, they may have to fall back on their parents. Usually when a parent provides most of a child's support, even if the child works, the parent can claim the child as a ...

How to Claim a Newborn on a Tax Return

Raising a child is estimated to cost a family approximately $235,000 over 17 years. The federal government has taken steps to alleviate the financial burden imposed by children by providing tax benefits for children. These tax benefits are available to families beginning in the ...

Do You Have to Be Legally Married to Claim Your Boyfriend on Your Taxes?

Being married has its benefits come tax time: not only can you file a joint return, you can also claim an additional exemption for your spouse. If you're not married, you can't file a joint return with your boyfriend. You might be able to claim him on your taxes as a dependent, ...

What Relative Can Be Claimed As a Dependent for Your Tax Return?

You are allowed one exemption one exemption for yourself, one for your spouse if you are filing jointly, and one for each relative you can claim as your dependent. As of 2012, each exemption you claim represents a $3,800 deduction from your taxable income. All dependent ...

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