Claiming a dependent on a tax return can save you thousands of dollars each year. It can help get you more money in your pocket or help reduce the amount of taxable income which in return might lower the amount you pay back to the IRS. While it is beneficial to have someone on your tax return listed as a dependent, it can also get you into a significant amount of trouble if you aren’t being accurate with your reporting’s. The IRS has many rules when it comes to claiming dependents on taxes and you should be aware of what these are in the event they are now auditing you for filing inaccurate information.
Who Qualifies as a Dependent?
According to TurboTax, there are two types of individuals who qualify to be claimed as a dependent on your tax return.
- A child
- A relative
Now, there are some questions that can help you decide if a child or relative or even both are qualifying candidates to be listed as a dependent.
- Are they a citizen or resident?
- Are you the only taxpayer that is claiming this person as a dependent?
- Are they filing a joint return? For instance, you cannot claim a married child who is filing their tax return jointly with their spouse.
Now, if you recently received a notice statement from the IRS letting you know they are auditing you or are requesting money from you because you claimed someone that wasn’t eligible, consider calling up one of our recommended Texas tax attorneys from our site or give us a call here at USAttorneys and we will connect you with a local attorney immediately who can answer some questions you might have.
When the IRS begins an audit and is requesting documentation from you, you don’t want to let this slip through the cracks. But what if you feel you didn’t make a mistake or you can’t afford to pay back the thousands of dollars you might owe right now? Did you know the IRS can garnish your wages? If you want to cut your risk of this occurring, call us up now. Sitting down and speaking with an attorney can help clarify a few things and even provide you with some resourceful information as to what you can do to help satisfy your debt but not pay back the entire amount right away.
Going up against the IRS alone isn’t an ideal situation. If you live in the state of Texas, you want a TX tax lawyer who is more than familiar with the laws surrounding your particular matter and can work with the IRS to help find a way to get this matter resolved before you are subjected to any serious repercussions.
In the event your issue is with the Department of Revenue for your state, such as issues with your business tax returns, you also want to think about consulting with a tax lawyer soon as you don’t want anything to occur that might jeopardize your business or the profits you are taking in.
USAttorneys is ready to help anyone seeking legal advice or representation with a matter involving the IRS.