The most common question we get at Metro Tax Solutions, Inc. is about filing for dependents. A dependent is usually a qualifying child or relative you’re responsible for supporting. If you can claim a qualifying dependent, you may be eligible for certain tax breaks, including The Child Tax Credit.
The Child Tax Credit offers up to $2,000 for every qualified dependent child that is 16 years of age or younger at the end of the calendar year. There are seven qualifying factors the IRS considers for The Child Tax Credit such as: age, relationship, support, dependent status, citizenship, length of residency and family income, to determine if your child is eligible.
In order to claim dependents, you will first need to meet the basic criteria provided by the IRS. The IRS website offers an easy tool to help tax payers determine if they have a dependent. The IRS Tax Assistant Tool can be found by clicking here.
Interested in talking or filing your taxes with an experienced Tax Preparer?
Contact Metro Tax Solutions at 347-627-6262 or email info@metrotaxsolutions.com today.