DAVID S. BABOIAN, CPA, PC

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11/17/2015

November 17th, 2015

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TAX TIP OF THE DAY... 
Generally, deduct your children as long as possible.   Just because a child gets a job does not automatically mean that you can no longer claim them as your dependent.  This is the most frequent error that I see on tax returns... because the parent wants to be "nice" to the child.  This generosity often saves the child a few hundred dollars, but can cost the parent thousands of dollars because of their higher tax bracket.   The decision must be weighed out very carefully.  Both tax returns should be looked at to make the best decision.  

The law... Children can be declared dependents until age 19 if they're not in school, 24 if they are and at any age if they're permanently disabled.  Additonal factors are the amount of child earnings and self-support.   

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    David S. Baboian, CPA

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  • Home
  • Services
    • What we do
    • Are we right for you?
    • $99 Jump-start
  • Client zone
    • Individual clients >
      • Identity Theft - IRS Affidavit
      • Personal Financial Statement
    • Business & rental clients >
      • Example expenses
      • Mileage log
      • Petty cash log
      • Sales tax
      • W9 for subcontractor
      • Example Profit & Loss
      • Obamacare Self-employment Ledger
    • Payroll services >
      • Employee paystub portal
      • EMPLOYER set up forms
      • EMPLOYEE set up forms for new hires
    • Web Links
  • About us
    • Contact
    • Our team
    • Dave's resume
    • Dave's bands
    • Haunted Chamber
    • Picture gallery
  • Secure email