J.K. Lasser's 1001 Deductions and Tax Breaks 2006
Chapter One
You and
Your Family
Do the old cliches still ring true? Can two still live as cheaply as one? Are
things really cheaper by the dozen? For tax purposes, there are certain tax
breaks for building a family.
This chapter explains family-related tax benefits, including:
Personal exemption
Dependency exemption
Child tax credit
Earned income credit
Dependent care credit
Adoption costs
Foster care
Child support
Alimony
For more information on these topics, see IRS Publication 501, Exemptions,
Standard Deduction, and Filing Information; IRS Publication 503, Child and
Dependent Care Expenses; IRS Publication 504, Divorced or Separated Individuals;
IRS Publication 968, Tax Benefits for Adoption; and IRS Publication 972,
Child Tax Credit.
Personal Exemption
Each taxpayer (other than someone who is another taxpayer's dependent) automatically
is entitled to a deduction just for being a taxpayer. The amount of
the deduction, called the exemption amount, is a fixed dollar amount ($3,200
in 2005). However, if a ... read full excerpt from J.K. Lasser's 1001 Deductions and Tax Breaks 2006: The Complete Guide to Everything Deductible ebook
