State of Michigan and IRS Tax Relief to Resolve the Slippery Slope Tax Problems - DWK Tax Group

US-WIDE, US-wide - Aug. 17, 2013 - PRLog -- Additional claims for exemption if, legitimate, can be extremely beneficial to help reduce large back tax balances should 1040 tax preparation of amended tax returns to be filed. If an additional claim for refund is the motivation, the amended returns needs to be filed within 3 years of the posted tax return or 2 years since the date you PAID the tax balance due.

The return of the “Boomerang” son or daughter with a family of 4 could be a huge blessing in disguise pending the length of time your child resides with grandma and grandpa, child income and provided support. Proof required to indicate grandchild dependent claim is to have your physical, primary residence address listed as place of residence with the school.

The following information is referenced to: IRS FS-2005 – 7, A Qualifying Child

Uniform Definition
A “qualifying child” may enable a taxpayer to claim several tax benefits, such as head of household filing status, the exemption for a dependent, the child tax credit, the child and dependent care credit and the earned income tax credit. Prior to 2005, each of these items defined a qualifying child differently, leaving many taxpayers confused.
In general, to be a taxpayer’s qualifying child, a person must satisfy four tests:
• Relationship — the taxpayer’s child or stepchild (whether by blood or adoption), foster child, sibling or stepsibling, or a descendant of one of these.
• Residence — has the same principal residence as the taxpayer for more than half the tax year. Exceptions apply, in certain cases, for children of divorced or separated parents, kidnapped children, temporary absences, and for children who were born or died during the year.
• Age — must be under the age of 19 at the end of the tax year, or under the age of 24 if a full-time student for at least five months of the year, or be permanently and totally disabled at any time during the year.
• Support — did not provide more than one-half of his/her own support for the year.

Claims for both your child and the grandchild as dependents may be a possibility as well. A determination to qualify needs to made separately for each individual.
• Child must be 24 yrs of age or older
• Must be a qualifying relative
• Child’s gross income is less than $3,800
• You have provided more than 50% of support throughout the year

Your child cannot claim the grandchild as a dependent if deemed “your dependent” therefore you have the ability to claim the grandchild.

If you are in search of tangible tax relief solutions to stopping a tax problem causing unnecessary psychological tax anxiety and long term sleep deprivation? Are you “Over it” already and are ready to make “it” stop? DWK's one stop shop offering of real tax service is unmatched by the competitor.

Call 1(866) 226–6102 for a same day path to IRS back tax or State back tax settlement. Curious as to “who we are?” Click on http://dwktaxgroup.com/who-we-are.html