The parent will generally prevail and can claim the child as a dependent in a tiebreaker involving only one parent and another individual. Internal Revenue Service rules prohibit parents from effectively “splitting” their dependent. Only one of them can claim a child per year. Some parents with multiple children do ...
Still, those with have larger estates, especially business owners and individuals with extensive real estate holdings, may benefit from sophisticated planning. Arrange homeownership to support mortgage interest and property tax deductions for the partner who will benefit the most. Determine whether the higher income partner should pay ...
The plan may make benefits available to employees, their spouses and dependents. It may also include coverage of former employees, but cannot exist primarily for them. See the questions below for treatment of benefits made available to individuals who are not spouses or dependents of the employee. The cafeteria plan amounts on your W-2 ...
The fact that you would have used a less expensive mode of transportation were it not for the tools is immaterial. On rare occasions, commuting expenses may be partially deductible if you have to transport heavy or bulky tools, materials, or equipment to and from your workplace and you incur extra expense to do so. your accountant/tax ...
Whether you file online or with the download version, the tax software comes with a maximum refund guarantee and 100% accuracy guarantee. The online version includes at-home audit support, while the desktop version includes in-office audit support. Whichever you choose, H&R Block covers most tax situations and is a top choice for many ...
For a vehicle you own or lease, you can deduct either the actual expenses or the standard rate per mile driven. If the car is leased and you use the standard mileage rates, you must use the standard rates for the entire life of the lease. However, if your employer puts you on desk duty in its home office for a period of time with the ...