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How to claim a dependent on your taxes.

How to Claim Your Dependent Relative

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Can I claim my relative as a dependent?

There are four tests that must be met before you can claim a person as your relative.

  1. Did Not Qualify as a Child Test
  2. Member of Your Household or Relationship Test
  3. Gross Income Test
  4. Support Test

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Do I have to pay taxes on my hobby?

Is Your Side-Hustle Consider a Hobby or Business for Taxes?

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The Hobby vs Business Test

To help you understand if your activity can be considered a hobby or business, I will provide some rules and guidelines.

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when to file a tax return

Do I Need to File a Tax Return?

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When should I file a tax return?

  • If you are a U.S. citizen, or a resident alien
  • Your gross income (the amount of money you make before anything is taken out for taxes or other deductions) is above the recommended amount listed in the chart below
  • Your filing status and age meet the requirements on the chart below

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Understanding tax exemptions

Tax Exemptions – What You Need to Know

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What are Tax Exemptions?

Tax exemption is a monetary amount given to help reduce your taxable income. Usually, you can deduct a specific amount for each exemption claimed for that particular tax year.

There are 2 types of exemptions you can deduct:

  • Personal exemptions for you and your spouse
  • Exemptions for dependents known as dependency exemptions

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What is the best filing status for taxes?

How to Choose the Best Filing Status

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What Filing Status Should I Use?

It is very important to select the correct filing status when filing your individual tax return. Many tax credits, deductions, and the amount of taxes paid are dependent upon the filing status selected. At times, more than one filing status may apply to you. In this case you should work with your tax advisor to figure out which status is best for you.

The 5 Filing Statuses:

  • Single
  • Married Filing Jointly
  • Married Filing Separately
  • Head of Household
  • Qualifying Widow(er) with dependent child

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