Martin Cantu, EA - Tax Consultant - Tax Relief Services Blog

Some taxpayers may benefit from the credit for other dependents Taxpayers with dependents who don’t qualify for the child tax credit may be able to claim the credit for other dependents. The maximum credit amount is $500 for each dependent who meets certain conditions. These, include: Dependents who are age 17 or older. Dependents who have individual taxpayer identification numbers. Dependent parents or other qualifying relatives supported by the taxpayer. Dependents living with the taxpayer who aren’t related to the taxpayer. The credit begins to phase out when the taxpayer’s income is more than $200,000. This phaseout begins for married couples filing a joint tax return at $400,000. A taxpayer can claim this credit if : They claim the person as a  dependent  on the taxpayer’s return. They cannot use the dependent to claim the child tax credit or additional child tax credit. The dependent is a U.S. citizen, national or resident alien. Taxpayers can claim the credi

This information brought to you by the Law Office of Martin Cantu and San Antonio Tax Help . Are you a parent? Here are eight tax benefits for parents 1. Dependents. In most cases, you can claim a child as a dependent even if your child was born anytime in 2012.    2. Child Tax Credit. You may be able to claim the Child Tax Credit for each of your children that were under age 17 at the end of 2012.  3. Child and Dependent Care Credit. You may be able to claim this credit if you paid someone to care for your child or children under age 13, so that you could work or look for work.  4. Earned Income Tax Credit. If you worked but earned less than $50,270 last year, you may qualify for EITC. If you have qualifying children, you may get up to $5,891 dollars extra back when you file a return and claim it.  5. Adoption Credit.   6. Higher education credits.  7. Student loan interest.  8. Self-employed health insurance deduction - If you were self-employ