Every income tax preparation in Kissimmee is different, and there are specific income tax guidelines that influence every individual that is filing a federal income tax return in Kissimmee and Orlando FL. These guidelines are related to dependents and exemptions. Here are some important facts regarding dependents and exemptions that will affect they way you file your income tax return.
- A personal exemption can’t be claimed by dependents. If an individual claims a different person as a dependent on his income tax return, that individual cannot claim a personal exemption on the tax return.
- Dependents may be required to do separate income tax preparation in Kissimmee. Any individual that is claimed on a income tax return, may still be obligated to seek income tax preparation services and file their own income tax return in Kissimmee and Orlando. Many factors determine if that dependent needs to file taxes. Such factors may include amount of gross income, their marital status and tax debt.
- Persons may not be permitted to be dependents. Can I claim my spouse as a dependent? That must be one of the most common questions we get while doing income tax preparation in Kissimmee and Orlando. The answer is that there are exemptions, but in most cases the answer is no if you are filing a joint income tax return.
- Can I claim exemptions for each dependent? That is another common question we get while doing income taxes. The answer to this question is yes. An individual is allowed to claim an exemption for every individual dependent, but the dependent must be a qualifying child or a qualifying relative. It is very important that you have the Social Security # of every dependent you claim on your income tax return.
- Individual Exemptions. The most common practice in income tax preparation in Kissimmee and Orlando is that an individual claims one exemption for himself on his income tax return. That individual may also claim an exemption for his spouse if they are married and are filing a joint return. In the case where the couple is filing separate income tax returns, the individual may claim the exemption for his or her spouse if the other person had no gross income and was not claimed as a dependent on another income tax return.
- Taxable income is decreased by exemptions. Personal exemptions and dependents exemptions are the two categories of exemptions. The 2012 income tax rules allow an individual to deduct $3,800 for each exemption on his income taxes.
If you have any questions regarding your personal tax return, please contact us at 407-344-1012. God Bless.