Episode 12 - Qualifying Relative EXPLAINED: Who Can YOU Claim as a Dependent? (IRS Rules) скачать в хорошем качестве

Episode 12 - Qualifying Relative EXPLAINED: Who Can YOU Claim as a Dependent? (IRS Rules)

💰👵👴 Unlock Tax Savings! Could Your Loved Ones Be "Qualifying Relatives"? 🤔 Are you financially supporting a parent, adult child, sibling, or other relative? You might be able to claim the Credit for Other Dependents and significantly reduce your tax bill! This video breaks down the IRS rules for "qualifying relatives" in plain English, helping you *Seize Financial Control*. We'll cover EVERYTHING from IRS Publication 17, Part 1, Chapter 3, including: The FOUR crucial tests every qualifying relative MUST meet. (Not a Qualifying Child, Member of Household or Relationship, Gross Income, and Support). The BIG difference between a "qualifying child" and a "qualifying relative" (and why it matters for your wallet!). The Gross Income Test: Find out what counts (and *doesn't*) towards the $5,050 limit for 2024. We explain what to do if your dependent receives Social Security! The Support Test: Learn how to calculate if you provide more than half of their support (including lodging, food, medical expenses, and more!). Multiple Support Agreements (Form 2120): Sharing support with siblings? We explain how to claim the tax benefit! Common Mistakes: Avoid making these mistakes, as the IRS will penalize incorrect claims. Key Takeaways: Discover if someone you support qualifies as a dependent, potentially saving you up to $500 per relative! Understand the specific IRS rules for relationships, income, and support. Learn how to claim the credit correctly on your Form 1040 and avoid costly errors. Don't leave money on the table! Get all the details, including a deep dive into Multiple Support Agreements and specific support situations (like Social Security and TANF), on our comprehensive webpage: ➡️ [SafeSimpleSound.Com/Tax-Edition-Episode-12] ⬅️ #QualifyingRelative #TaxCredits #Dependents #IRS #TaxSavings #CreditForOtherDependents #Form2120 #MultipleSupportAgreement #TaxHelp #SandwichGeneration #TaxDeductions #Publication17 #GrossIncome #SupportTest SHOW LINKS: 🐢 Our SECURED Approach: https://www.SafeSimpleSound.Com/About 📚 Full Episode Guide: https://www.SafeSimpleSound.Com/Tax-E... 🔗 Connect on LinkedIn:   / phanikandula   🎙️ Safe Simple Sound: Tax Edition: https://www.safesimplesound.com/tax-e... 📧 Join Newsletter: https://www.safesimplesound.com/join/ DISCLAIMER: The content in this video is for general tax education purposes only. While I am a Chartered Financial Consultant (ChFC®) and Safe Simple Sound provides professional financial guidance to engaged clients, this content should not be considered tax, legal, or personalized financial advice. Tax laws and regulations change frequently. For guidance on your specific tax situation, please schedule a consultation through safesimplesound.com/contact or consult with a qualified tax professional. Professional financial guidance is provided only after establishing a formal client relationship.