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When Several Different People Provide Support IRS Form 2120 – Multiple Support Declaration

It seems that more and more children are providing support to parents living on fixed income. Quite often several brothers and sisters collectively are providing support and when this collective support exceeds 1/2 of the parents living expenses if the

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What is a Dependent Qualifying Relative?

According to IRS Publication 501, Exemptions, Standard Deductions and Filing Information. a dependent qualifying relative can be any person who lives with you all year, is not a qualifying child of another taxpayer, and someone for whom you provided over half of his

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Tax Benefits for Parents

1. Dependents In most cases, a child can be claimed as a dependent in the year they were born. For more information see IRS Publication 501, Exemptions, Standard Deduction, and Filing Information. 2. Child Tax Credit You may be able

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Dependents and Exemptions

When you prepare to file your tax return, there are two things that will factor into your tax situation: dependents and exemptions. Here are five important facts the IRS wants you to know about dependents and exemptions before you file

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Posted in Child Tax, Children, Deductible Expense, Dependent, Exemption, Family, Tax Filing Status, Tax Guidance & Preparation, Tax Problems & Requests

Medical expenses for dependent elderly relatives

With regard to medical expenses, long-term care expenses are deductible if an individual is a chronically ill individual under the cognitive impairment trigger and are provided pursuant to a plan of care prescribed by a licensed health care practitioner. In

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Posted in Dependent, Medical Expenses
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