Tax Dependents – Year End Planning Tax Breaks
Tax Dependents – How To Know Who You Can Claim!
In order to reduce your taxes, you may claim a personal exemption. You are entitled to claim one exemption for your spouse too.You can claim tax dependents for each child you support.You are allowed to claim a tax dependents exemption only for qualifying children or relatives. Certain tests must be met. They are: a relationship of a dependent, support you provide, citizenship or residency, joint return, and dependent’s gross income.You cannot qualify for a personal exemption if another taxpayer claims you as a dependent.
Claiming Exemption You And Your Spouse
When filing a separate tax return, you can claim an exemption for your spouse if she had no gross income, even if she is not filing a tax return. She may qualify for an exemption, even if she is a nonresident alien.In order to claim the exemption she must not be claimed as a dependent by another taxpayer.The amount you can deduct for each exemption is $3,650 (for 2009).
The amount for your personal exemption begins to decrease if your adjusted gross income is higher than: $125,100 for married individuals filing separately. For singles, the phase out begins at $166,800.For heads of household, the exemption phase out starts at $208,500 and $250,200 for married persons filing jointly or qualifying widow/widowers. These limits apply for 2009.Since Joe Mastriano PC deals with the IRS every single day, we know what steps we need to be take to resolve your tax problem. With over 30 years of experience, we have the experience and a successful track record that will put you at ease. Contact us today to setup your consultation. We will discuss your options, explain to you how to handle the situation and if necessary, we can manage the process for you. Visit our website for free advice or call us NOW (713)774-4467. Hire the ‘KILLER IRS REPRESENTATIVE’ to resolve your tax problem.