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Charles S. Wilson, CPA/CFF, CGMA

Charles Wilson, LLC

 

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Top 10 Tax Facts on Exemptions and Dependents


 

Did you know [fname] that most people can claim an exemption on their tax return?  It can lower your taxable income.  And in most cases, that reduces the amount of tax you owe for the year.


Here are the top 10 tax facts about exemptions to help you file your tax return with us.

1. We E-file Your Tax Return. We normally e-file for you through our tax software to make sure your tax return is a complete and accurate tax return. Our software helps us determine the number of exemptions that you can claim.

2. Exemptions Cut Income. There are two types of exemptions. The first type is a personal exemption. The second type is an exemption for a dependent. You can usually deduct $4,000 for each exemption you claim on your 2015 tax return.

3. Personal Exemptions. You can usually claim an exemption for yourself. If you're married and file a joint return, you can claim one for your spouse, too. If you file a separate return, you can claim an exemption for your spouse only if your spouse:


> Had no gross income,
> Is not filing a tax return, and
> Was not the dependent of another taxpayer.

4. Exemptions for Dependents. You can usually claim an exemption for each of your dependents. A dependent is either your child or a relative who meets a set of tests. You can't claim your spouse as a dependent. You must list the Social Security number of each dependent you claim on your tax return. For more on these rules, see IRS Publication 501, Exemptions, Standard Deduction, and Filing Information. Get Publication 501 on IRS.gov. Just click on the Forms & Pubs tab on the home page.

5. Report Health Care Coverage. The health care law requires you to report certain health coverage information for you, your spouse and any dependent that you claim on your return. The individual shared responsibility provision requires you and each member of your family to either:


> Have qualifying health insurance, called minimum essential coverage
> Have an exemption from this coverage requirement, or
> Make a shared responsibility payment when you file your 2015 tax return.

6. Some People Don't Qualify. You normally may not claim married persons as dependents if they file a joint return with their spouse. There are some exceptions to this rule.

7. Dependents May Have to File. A person who you can claim as your dependent may have to file their own tax return. This depends on certain factors, like total income, whether they are married and if they owe certain taxes.

8. No Exemption on Dependent's Return. If you can claim a person as a dependent, that person can't claim a personal exemption on his or her own tax return. This is true even if you don't actually claim that person on your tax return. This rule applies because you can claim that person as your dependent.

9. Exemption Phase-Out. The $4,000 per exemption is subject to income limits. This rule may reduce or eliminate the amount you can claim based on the amount of your income.

10. Try the IRS Online Tool. Although it is somewhat complicated you can use the Interactive Tax Assistant tool on IRS.gov to see if a person qualifies as your dependent. Better yet if you're unsure call us and we will take care of it when you submit your taxes to us this year.

Each and every taxpayer has a set of fundamental rights they should be aware of when dealing with the IRS. These are your Taxpayer Bill of Rights. Explore your rights and our obligations to protect them on IRS.gov.
 

Don't hesitate to call us if you need help or want to get started on tax planning for 2017 already!  If you have comments or questions on the information in these articles, as usual feel free to call our offices.  Thanks!  Charlie

 

     

     

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As always you can call our offices if you have any questions about these or any other accounting, tax, financial planning or Quickbooks related issues, at 281-993-4530. 

 

Regards, Charles S. Wilson, CPA/CFF, CGMA, CBEC

Certified Public Accountant

Certified Business Exit Consultant

 

 

       
   
       
 
       

       

Charles S. Wilson, CPA/CFF, CGMA | Charles Wilson, LLC | 307 S. Friendswood Dr, Ste B-2
Friendswood, TX 77546 | 281-993-4530 (O) | 866-567-3975 (F) | charlie@wilsonaccounting.net