How to Deduct Parents As Dependents on Taxes?

Answer If you're helping your aging parents, you may be able to claim them as a tax deduction. Even if you take the standard deduction instead of itemizing expenses, you can still claim an exemption for y... Read More »

Top Q&A For: How to Deduct Parents As Dependents on Taxes

How to File Taxes With Dependents?

In 2009, each dependent listed on your personal tax return, form 1040, provided an exemption of $3,650. This exemption reduced your taxable income, which in turn reduced your tax liability for the ... Read More »

Taxes and the Number of Dependents?

A dependent is a spouse, child or family member for whom a taxpayer is financially responsible. Each year, the federal government allows deductions and credits to alleviate the tax burden for eligi... Read More »

How to Claim the Elderly As Dependents on Taxes?

When certain requirements are met, people can claim the elderly as dependents on their federal taxes. The Internal Revenue Service requires that the person either be related to you or live with you... Read More »

What do I do if somone claims my dependents on income taxes?

On One Hand: You Shouldn't Have To Do AnythingOnly one person is allowed to claim the child as a dependent. If you are the correct person then you do not need to do anything. According to IRS Publi... Read More »