Personal Deductions & Credits

Setting aside special interests, there are generally two commonly-accepted reasons tax subsidies are passed: (1) to encourage asset-building behavior, especially within the middle-class (through higher education, investment, or saving); and (2) to pad the Federal Treasury through “trickle-down” economics. Read the rest of this entry »

I received numerous phone calls during March and April of this year from people with the same question:

“If my ex-wife or ex-husband or father or mother of our child claimed our child as a dependent on their tax return (and they should not have), can I still claim the child on my return? If I do, will I get audited?”

Like most answers to questions posed to an attorney, the answer is, “maybe.” Read the rest of this entry »