Mark Steber
Mark Steber
both children dependent generally parent qualify related taxpayer
For example, children not related to the taxpayer who live with both the taxpayer and a parent will generally not qualify as a dependent for the taxpayer.
change couple couples filing income increased joint married means previous saving standard taxable year
This means that a couple with a joint taxable income of $80,000 this year will have $13,336 in tax, saving $145 from the previous year. Also, the standard deduction for married couples filing jointly has increased to $10,000 in 2005, from $9,700 in 2004. This change will be most significant for couples that do not itemize their deductions.
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The unique thing about both of the disaster acts is you do not have to be a victim to somehow be affected.
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You should calculate your tax return both ways (including and not including combat pay as earned income for EITC purposes) to determine which option gives you the best result. Alternatively, combat pay is included as earned income when calculating the refundable portion of the Child Tax Credit.
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You won't have to worry about the stamp falling off.