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Archive for the ‘Child & Dependent Care Credit’ Category

Who can be your dependent?

You might believe a “dependent” is a minor child who lives with you. While that is essentially correct, dependents can include parents, other relatives and nonrelatives, and even children who don’t live with you. Here’s an overview of the dependency exemption. Exemptions and your taxable income. Each dependent […]

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Seven summertime tax-savers

Summer is here and so are tax-saving opportunities. Here are seven suggestions for cutting your tax bill. Rent out your vacation home. If you own a second home, rent it out this summer when you’re not using it. Generally, you can offset the rental income with rental-related […]

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