Under the old rules, each tax benefit had its own definition of a child, a qualifying child and an eligible foster child. Now, the term 'Qualifying Child' is no longer benefit-specific. Unlike prior years, the new rules have one definition for all five of the child-related benefits.
More Quotes from Mark Steber:
Walk a day in my shoes....Mark Steber
Non-cash donations are one of America's most overlooked tax deductions.
Mark Steber
Very often, siblings will share in the support of the aging parent but will be surprised to learn that only one of them can claim the parent as a dependent.
Mark Steber
The AMT is not just a tax that rich people pay anymore.
Mark Steber
In general, preparing a return as a married couple filing jointly may give you the lowest tax liability and the highest standard deduction, but to find the best scenario, it's wise to calculate your return both ways and see which is the most advantageous for you. For example, if both of your incomes are about the same, you may pay less in taxes by filing jointly, depending on the rest of your return.
Mark Steber
For example, children not related to the taxpayer who live with both the taxpayer and a parent will generally not qualify as a dependent for the taxpayer.
Mark Steber
Readers Who Like This Quotation Also Like:
Based on Keywords: child-relatedIf God wanted us to bend over he'd put diamonds on the floor.
Joan Rivers
World records are only borrowed.
Sebastian Coe
A newspaper is the lowest thing there is.
Richard J. Daley