Well, the Republicans caved once again by approving
the 2 month tax cuts. I guess the Republicans are
just really afraid of how the media spins the news.
They just don’t know how to get the real facts and
truth out. The House had approved of a year long
extension with tax cuts and a longer period of time
for unemployment benefits, but lost the game
to O’bama and the Democrats in the Senate.
Even the new Senate Republicans couldn’t
dare bare the O’bama spin. It’s too bad,
because no business can operate effectively
and efficiently with this short sited
Congress and Administration. This is
going to continue for the next year as
we head into the election of 2012.
The end result is that the workers in the
private sector will again lose more jobs to
this already poor economy. However, that
is the grand scheme — get everybody to
work in the public sector with guaranteed
secure high wages and benefits at least for
the time being. However, like Rome and Greece,
America will fall when the printing of fiat
money ceases or the dollar has no value.
Back to reality, taxes are coming due.
Families should be happy to know that
the tax exemption for each dependent is
$3,650 per dependent. I am sure that
each household is growing as unemployment
continues to rise. To collect the
exemption all one needs is a Social
Security number or ITIN. There are a few
more rules:
-
Qualifying Child:
1. Relationship Test
2. Age Test – less than 19 yrs of age at the end of the year
or less than 24 yrs of age if a full-time student
3. Residency Test – lived with you more than 1/2 the year
4. Provide more than half the support
5. Be entitled to claim your qualifying child
6. Child not filing a joint return unless for a refund
-
Qualifying Relative:
1. Not a qualifying child or child of any other taxpayer.
2. Be related to you if not living with you all year
(Can’t be your cousin); or be amember of household for
all year.
3. Person’s gross income less than $3,650
4. You provide more than half of the person’s total support.
Call 1.800.826.1929 for Tax Preparation
Serving especially the Greater Grand Rapids Area
IRS Taxes