January 7, 2010 – 2:16 pm
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
January 6, 2010 – 5:31 pm
Getting your Filing Status Correct
Selecting the right filling status makes a great difference in your refund ultimately and is quite important. Your standard deduction and the amount of tax your owe varies based on whether you are single, married, or head of household. The IRS wants you to make the right selection and therefore is providing some useful tips.
If you have gotten married or gotten a divorce during the tax year, your filing status is your status on the last day of the year. And maybe more than one status applies to you. For instance, you are both … Read the rest
