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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 ...
Come tax time, you want to claim as many deductions as possible on your return to lessen your tax burden. And that includes accounting for all the dependents you're entitled to claim. Read: 3 Ways...
Services outside the home qualify if they involve the care of a qualified child or a disabled spouse or dependent who regularly spends at least eight hours a day in the taxpayer's home. Payments to a relative also qualify for the credit unless the taxpayer claims a dependency exemption for the relative or if the relative is the taxpayer's child ...
As of the 2018 tax year, Form 1040, U.S. Individual Income Tax Return, is the only form used for personal (individual) federal income tax returns filed with the IRS. In prior years, it had been one of three forms (1040 [the "Long Form"], 1040A [the "Short Form"] and 1040EZ - see below for explanations of each) used for such returns.
Section 151 of the Internal Revenue Code was enacted in August 1954, and provided for deductions equal to the "personal exemption" amount in computing taxable income. The exemption was intended to insulate from taxation the minimal amount of income someone would need receive to live at a subsistence level (i.e., enough income for food, clothes, shelter, etc.).
While the American Rescue Plan Act made the Child and Dependent Care Tax Credit was worth $8,000 for one qualifying dependent and $16,000 for two or more, it has reverted back in 2022 to $3,000 (a ...