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Come tax time, you want to claim as many deductions as possible on your return to lessen your tax burden. ... For example, if your total tax owed is $10,000 but you are eligible for a $2,000 tax ...
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 are two benefits of claiming your parents as dependents on your tax return: Lower Tax Rates: You’ll benefit from lower tax rates applied to your taxable income since you’ll be permitted ...
Many people are surprised to learn that you can claim most anyone on your taxes as a dependent. It's true. Even if you aren't related, someone who lives with you for most of the year and who you're...
Despite attempts by the IRS to clarify who qualifies as a dependent, today's complex living arrangements often raise questions about who can be claimed. The Dirty Dozen: 12 tricky tax dependent ...
Under United States tax law, a personal exemption is an amount that a resident taxpayer is entitled to claim as a tax deduction against personal income in calculating taxable income and consequently federal income tax. In 2017, the personal exemption amount was $4,050, though the exemption is subject to phase-out limitations.