Tax & Dependents

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How Do Children Affect Tax Refunds?

The IRS offers numerous child tax benefits, which taxpayers can take as nonrefundable or refundable credits, depending on the type of credit such as the child tax credit. A taxpayer's income, filing status and number of qualifying children help determine the number and amount of ...

What Is the Amount a Working Child Can Make to Be Used as a Parent's Deduction?

The amount a child can make depends on whether you're claiming him as a qualifying child or a qualifying relative. The qualifying child requirements are less stringent than those for claiming a qualifying relative, but you can only claim your kid as a qualifying child until the ...

What Is Considered a Tax-Deductible College Expense?

Nail biting and stress may abound at your home as teens await acceptance letters from one or more colleges. You may experience the same jittery nerves when the thought of tuition comes to mind. Fortunately, help awaits you and your budget at year-end when you prepare to file ...

How Much Do You Get for Claiming a Dependent When Filing Tax Returns?

Dependents on your tax returns can reduce your tax bill but not your taxable income. The Child Tax Credit and the Credit for Other Dependents can help defray your tax liability if you owe money to the IRS for the tax year. A 2018 Child Tax Credit calculator can tell you how much ...

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 ...

Tax Credit for Dependents of Divorced Parents

Children can save their parents some significant money at tax time. As of 2012, each child who qualifies for a dependent exemption takes $3,800 off your taxable income. Beyond that, your children can help you qualify you for several tax credits, which is especially advantageous. ...

How Much to Transfer Stocks to My Kids?

If you have stocks, at some point you may want to transfer them to your beneficiaries. This may happen before your death or after, but there are things to know about both. If you transfer within your lifetime, you can give a certain amount each year before your child incurs tax ...

How to Claim a Newborn on a Tax Return

Claiming a newborn on taxes can lead to big tax breaks, even with the new tax laws. However, it's important to get a Social Security card as soon as possible after the baby is born. This will be required in order to claim the child as a dependent. There are also rules for ...

Difference Between Withholding on 3 or 4 Dependents on 60k

Working out your withholding can be one of the most difficult parts of filling out a W-4. As the tax tables and life circumstances change, it only complicates things. Salaries can also increase from one year to the next. The difference between claiming three and four dependents ...

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