At What Income Does a Minor Have to File an Income Tax Return?
Even if your kids are young enough to be your dependents, they may still have to pay taxes. In some cases, you may be able to include their income on your tax return; in others, they'll have to file their own tax return. The need to file depends on both the amount and source of the minor's income. Read more…
2021 Child Tax Credit Top 7 Requirements & Tax Calculator
The Child Tax Credit can significantly reduce your tax bill if you meet all seven requirements: 1. age, 2. relationship, 3. support, 4. dependent status, 5. citizenship, 6. length of residency and 7. family income. You and/or your child must pass all seven to claim this tax credit. Use our child tax credit calculator to determine your eligibility for tax year 2020 or tax year 2021. Read more…
Tax Counseling for Seniors and the Elderly
Besides the 1040-SR form, seniors have special options available to file and pay their taxes. Here's a guide to tax counseling for the elderly.
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Rules for Claiming a Dependent on Your Tax Return
Claiming dependents can help you save thousands of dollars on your taxes each year. Yet many of us aren't aware of who may qualify as our dependents.
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What Is IRS Form 8839: Qualified Adoption Expenses?
The Internal Revenue Service allows you to offset your tax bill with a credit for your qualified adoption expenses, as long as you meet certain eligibility requirements. To report your qualified adoption expenses, you'll use IRS Form 8839. Read more…
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