It’s not uncommon for adult children to help support their aging parents. If you’re in this position, you might qualify for the adult-dependent exemption. It allows eligible taxpayers to deduct up to $4,050 for each adult dependent claimed on their 2016 tax return. Basic qualifications For you to qualify for the adult-dependent exemption, in most […]
This Is NOT A Tax Deduction
Mitch Green’s family’s golden retriever recently had puppies and we thought they were so cute that we had to share. Born on May 6th, they are growing quickly. The office is constantly asking to see new pictures. There was even discussion about adopting one as an office dog! Unfortunately, your family’s pets do not qualify as […]
Tax Season FAQs (Part 2 of 4)
A second common question asked during tax season is what is the age limit on claiming a child as a dependent? A child must be under the age of 19 at the end of the year or a student under the age of 24 at the end of the year and must be younger than […]
Tax Season FAQs (Part 1 of 4)
One common question asked during tax season is whether or not a college student with a part-time job, who can still be claimed as a dependent, can claim a personal exemption when filing his or her own tax return? The answer is no. Your son or daughter’s tax return should have the box checked stating […]