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Qualifying for Dependents Equal Tax Savings

Dependents Equal Tax Savings: A Helping Hand for Family Finances (PHOTO: American Psychological Association)

Tax Breaks for Dependents

Accoring to The Street, Lisa Greene-Lewis a tax expert from TurboTax, recently talked about how people taking care of kids, elderly parents, or other family members can save money on taxes. She explained that dependents which can be kids or other relatives, can help you get tax deductions. To qualify as a dependent for kids you need to provide more than half of their support and follow certain age rules. Even if they’re between 19 and 24 they can still count if they are full-time college students. Lisa also stressed how it’s essential to understand the details, especially when adults are looking after their parents after the Covid situation. Adult parents even if not living with you can have dependents equal tax savings based on the help you give, with some limits on their income.

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Understanding Child Tax Credit: Navigating Financial Benefits and Considerations

The discussion also covered the tax benefits you can get if you have dependents. Lisa talked about the Child Tax Credit which can give you up to $2,000 in 2023. This is a bit less than the temporary increase during Covid but is still a good benefit for those who qualify as for dependents equal tax savings. The conversation highlighted the need to be careful especially in divorces to make sure you rightly claim tax breaks linked to your dependents. Navigating the complexities of taking care of family members becomes easier when you understand these tax details providing both financial help and recognition for the support you give.

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