When you and your spouse share responsibility for supporting a child but file separate tax returns, it's not always clear how the various deductions and credits should be divided at tax time. This can be especially true when the child begins college and the tuition bills begin ...
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 ...Read More
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 ...Read More
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. ...Read More
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 ...Read More
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 ...Read More
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 ...Read More
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 ...Read More
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 ...Read More
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 ...Read More
The more dependents you can claim on your taxes, the lower your tax bill is likely to be. The IRS allows you to claim an exemption for yourself, your spouse and for each dependent you support. ...Read More
Although the Internal Revenue Service considers nearly all money a taxpayer receives as taxable income, a child’s Supplemental Security Income is one of the exceptions to that rule. SSI payments, to ...Read More
Income limits can vary considerably depending on how an individual qualifies as your dependent. Rules for your dependents are some of the more complex involved in tax law, but all dependents fall ...Read More
A variety of tax benefits exist for parents of children under the age of 18 regardless of the parent's age. However, older adults with minor children may find that the increased income earned after a ...Read More
UGMA tax rules regulate precisely how and when income derived from custodian accounts is taxed. As a custodian, taking the time to review these rules can save time and money over the long term.Read More