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Each tax season, people look for tax deductions and credits to either lower their balance or increase their refund. One rather obscure deduction: A partner can be claimed as a dependent if they ...
Having trouble deciding if your Uncle Jack, Grandma Betty or daughter Joan qualifies as a dependent? Here's a cheat sheet to quickly assess which of your family members you can claim on your tax ...
Here's what you should know about filing taxes this year and beyond as a single or divorced parent.
Form 1040 consists of two pages (23 lines in total), not counting attachments. [1] The first page collects information about the taxpayer(s) and dependents. In particular, the taxpayer's filing status is reported on this page. The second page reports income, calculates the allowable deductions and credits, figures the tax due given adjusted ...
There are some exceptions that allow for tax-free domestic partner benefits, such as for a domestic partner that qualifies as a dependent under Internal Revenue Code Sections 152(a)(9) through 152(b)(5), a certification and annual recertification that the support and relationship tests of section 152(a)(9) are met, and the relationship between ...
Standard deduction: Individuals get a deduction from taxable income for certain personal expenses. An individual may claim a standard deduction. For 2021, the basic standard deduction was $12,550 for single individuals or married persons filing separately, $25,100 for a joint return or surviving spouse, and $18,800 for a head of household.