Tag Archives: dependents

Earned Income Credit Missed by Many

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Earned Income Credit Missed by Many

One of the best tax credits available today is the Earned Income Credit but many individuals don’t claim it even when they qualify. These individuals may not have qualified last year but their financial, marital, or dependent situation may have changed making them now qualified.

The tax credit maximum is $5,657 this year and depends on your income and how many dependent children you have in your household. Plus the credit is refundable, which means you can get a refund above the tax your into the treasury during the tax year. Make sure not … Read the rest

Exemptions and Dependents 101

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Exemptions and Dependents 101

When preparing your federal 2009 tax return for filing, make sure to know the basic rules about exemptions and dependents. Understand what happens when someone claims you as a dependent or how exemptions affect your return. Your refund will be affected by all these conditions.

To begin with, when someone claims you as a dependent you may still need to file a return. Depending on your income, your filing status, special tax situations, or Advanced Earned Income you will need to file a return to the IRS. Check Publication 501 for exact details about when … Read the rest

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