It’s a new dawn, a new day, and we have a new President.
Whether we enjoy the benefits of the reforms he has promised remains to be seen. For those of you who are not aware of the promises Trump has made regarding tax reform, I’ve provided them for you below.
You are entitled to one personal exemption for yourself, one for your spouse (if filing a joint return), and one exemption for each dependent that you claim on your tax return. The exemption amounts are generally increased year by year, as adjusted for inflation, and the amount for tax year 2014 is $3,950 ($4,000 for tax year 2015). Three critical tests, however, must be met before you can claim someone as a dependent.
If you could be claimed as a dependent by another taxpayer, you cannot claim anyone as a dependent on your tax return. This is true even if you have a qualifying child or qualifying relative. Also, if you file a joint return with your spouse, and can be claimed as a dependent by someone else, you and your spouse cannot claim anyone as a dependent Read more
The Supreme Court Wayfair Case Continues To Make Headlines – California And Texas
Resolving Trust Fund Recovery Penalty Disputes
Tax Reform Enables Deferral Of Taxable Gains Into Investments In Opportunity Zones
100% Expensing For Certain Business Assets; Plus Deductions For Transportation, Bicycle Commuting, Moving And Meals
TaxConnections Introduces Our Executive Search Services – View Tax Executive Jobs
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