A list of all the blog posts on the TaxAudit blog - keeping you up-to-date on tax issues that may affect your life.
The Child Tax Credit can significantly reduce your tax bill if you meet all seven requirements: 1. age, 2. relationship, 3. support, 4. dependent status, 5. citizenship, 6. length of residency and 7. family income. You and/or your child must pass all sev
The guidelines are meant to help parents determine a minimum amount of child support to be paid, in an attempt to ensure their children's financial well-being, post-divorce. Previously, Illinois used something called the Percentage of Obligor Net Income Model. ...
You love your kids and want the world for them. So now that you're facing divorce, how do you make sure they get the financial support they need to live healthy and happy lives? That’s where child support comes in. But there's a lot more to child support in New York than you mi...
The child tax credit (CTC) can be up to $2,000 for each qualifying child under age 17 by year-end, who is a US citizen, resident, national, or an adopted child who lived with you during the tax year; $1,700 of the credit is refundable for 2024, up from $1,600 for 2023, ...
The child support calculation presumes the person who has the children most of the time will be able to claim the children on their tax return as a deduction in Tennessee. This means the person paying the child support, if they are not the primary residential parent, may be taxed on the...
And what is this tax credit? Lisa Greene-Lewis:Yes. So it has to be your dependent child. And they have to be under 17. So to qualify as a dependent, you have to provide over half of their support. There's also some income requirements in order to get it. So if you're single,...
Managing money comes down to creating a sound financial plan, and these budget templates can help. Andrea WorochandJessica WalrackNov. 27, 2024 The Best and Worst Store Return Policies Return policies can make or break a purchase, so choose where you shop carefully. ...
Has lived with you for more than half the year Has contributed no more than half of his or her own support Has been claimed as a dependent on your taxes Has not filed a joint return with a spouse, or has filed only to claim a refund of estimated tax paid ...
Even if you claim your child as a dependent, the child may be required to file an income tax return if theirgross incomeexceeds a certain amount set by the IRS.5If your child earns less than this amount, they are likely to be in the 0% incometax bracketand won't benefit from the u...