You can claim a boyfriend or girlfriend as a dependent on your federal income taxes if that person meets the IRS definition of a "qualifying relative."
Medical expenses can be cited as an itemized deduction on your tax return. In order to itemize deductions, you must forgo the standard deduction. That means it only makes sense to itemize if all of your itemized deductions -- medical expenses, charitable contributions, taxes besides federal taxes...
Medical expenses can be cited as an itemized deduction on your tax return. In order to itemize deductions, you must forgo the standard deduction. That means it only makes sense to itemize if all of your itemized deductions -- medical expenses, charitable contributions, taxes besides federal taxes...
"When you are claiming a dependent, the No. 1 thing you want to remember is to gather the correct Social Security number for them," says Greene-Lewis. "You can claim the deductions and credits mentioned, but you have to have the correct Social Security number for your dependent." Relati...
If you're married, you can claim your spouse's income Even if you recently got laid off, you can claim the income of your employed spouse or partner if you file your taxes as a household. "If yourspouseworks, then you're allowed to include the household's income on your application,...
During this time, monitoring your credit score can help you catch oversights like missed payments. Maryalene LaPonsieDec. 11, 2024 Holiday Tipping Guide Be generous with holiday tips if you can, experts say, but don't stray from your budget. ...
The deduction amount depends on whether you or your spouse have other retirement plans through an employer. The deduction cannot be more than you earned, and no more than the maximum savings amount within the plan. Three tips for claiming tax deductions The more tax deductions you can claim, ...
claim your parent as a dependent because they filed a joint tax return or had a gross income above $5,050 (in 2024) but you have been paying medical expenses for a parent, you may be able todeduct those expensesfrom your taxes. Learn more about medical expense deductions on theIRS web...
Divorce may get a little more expensive starting in 2018 thanks to a change in the rules on taxes for alimony. Previously, a spouse who paid alimony to his or her ex got to take a tax deduction, and the recipient had to declare the alimony as taxable income -- as long as certain req...
You can also claim a tax break for childcare expenses with a tax credit for expenses related to the care of children and dependents. Depending on your filing status, situation, and the number of children you have, you may be able to use both a DCFSA and claim the tax credit to maximize...