Child tax exemption rules The rules for claiming a child tax exemption are complex. Add a divorce or custody determination to the mix and the rules for claiming a child tax exemption can give even a seasoned tax professional a headache. The first rule is that the child must be your qualifying child. […]
Dependent child exemption and support – Is it worth fight over? A dependent child exemption reduces a taxpayer’s adjusted gross income leaving more money in the taxpayers pocket by ensuring that not all of your income is taxed. In 2014, the value of a dependent child exemption is $3,950.00 per child. That is real money.[…]
Taxes and divorce or separation: The tax rules that apply to divorce and separated individuals can be complex. In fact, the Internal Revenue Service has a 29 page publication on the subject. The publication for use in preparing your 2013 income tax returns can be found here: http://www.irs.gov/pub/irs-pdf/p504.pdf. Most Michigan divorce lawyers get nervous when[…]