Capital One Accounting Solutions, P.A. - Financial freedom at your fingertips!
RSS

Recent Posts

What's New for 2013?
Need Extra Time to Complete Your Tax Return? File an Extension
Tips for Taxpayers with Foreign Income
Check your Eligibility for EITC
Identity Theft Crackdown Sweeps Across the Nation

Categories

Tax information
Tax Information for 2013
powered by

My Blog

Six Important Facts about Dependents and Exemptions

Even though each individual tax return is different, some tax rules affect every person who may have to file a federal income tax return. These rules include dependents and exemptions. The IRS has six important facts about dependents and exemptions that will help file your 2011 tax return.
 
1. Exemptions reduce your taxable income. There are two types of exemptions: personal exemptions and exemptions for dependents. For each exemption you can deduct $3,700 on your 2011 tax return.
 
2. Your spouse is never considered your dependent. On a joint return, you may claim one exemption for yourself and one for your spouse. If you're filing a separate return, you may claim the exemption for your spouse only if they had no gross income, are not filing a joint return, and were not the dependent of another taxpayer.
 
3. Exemptions for dependents. Yoy generally can take an exemption for each of your dependents. A dependent is your qualifying child or qualifying relative. You must list the Social Security number of any dependent for whom you claim an exemption.
 
4. If someone else claims you as a dependent, you may still be required to file your own tax return. Whether you must file a return depends on several factors including the amount of your unearned, earned or gross income, your marital status and any special taxes you owe.
 
5. If you are a dependent, you may not claim an exemption. If someone else - such as your parent - claims you as a dependent, you may not claim your personal exemption on your tax return.
 
6. Some people cannot be claimed as your dependent. Generally, you may not claim a married person as a dependent if they file a joint return with their spouse. Also, to claim someone as a dependent, that person must be a U.S. citizen, U.S. resident alien, U.S. national or resident of Canada or Mexico for some part of the year. There is an exception to this rule for certain adopted children.
 
Any questions or concerns call Capital One Accounting Solutions, P.A. at 954-612-1591 or email jkellman@coasbookkeeper.com.
 

6 Comments to Six Important Facts about Dependents and Exemptions:

Comments RSS
package holidays australia 2013 on Thursday, May 16, 2013 10:17 PM
Have you ever considered about adding a little bit more than just your articles? I mean, what you say is important and all. But imagine if you added some great photos or video clips to give your posts more, "pop"! Your content is excellent but with pics and videos, this website could definitely be one of the greatest in its niche. Terrific blog!
Reply to comment


china to tibet train on Sunday, May 19, 2013 10:47 AM
You made some decent points there. I did a search on the topic and found most individuals will approve with your website.
Reply to comment


www.watchmoz.co.uk on Tuesday, July 09, 2013 10:44 PM
6. Some people cannot be claimed as your dependent. Generally, you may not claim a married person as a dependent if they file a joint return with their spouse. Also, to claim someone as a dependent, that person must be a U.S. citizen, U.S. re
Reply to comment


omega constellation on Thursday, August 08, 2013 3:54 AM
With regard to men very, you will discover indefinite choices; that considerably discussed Pantheon collection offers produced men visit gaga more than the idea, in order to also give it a try, in case you get the idea beautiful.
Reply to comment


fashion jewelry wholesale on Thursday, August 15, 2013 11:55 PM
Excellent beat ! I would like to apprentice while you amend your website, how could i subscribe for a blog web site? The account aided me a acceptable deal. I had been tiny bit acquainted of this your broadcast provided bright clear concept
Reply to comment


Replica Watches on Monday, September 09, 2013 7:19 AM
On occassion, you may receive your missing W-2 after you file your return using Form 4852, and the information may be different from what you reported on your return.
Reply to comment

Add a Comment

Your Name:
Email Address: (Required)
Website:
Comment:
Make your text bigger, bold, italic and more with HTML tags. We'll show you how.
Post Comment