Thursday, January 13, 2011

Tax Myth #5 - Working Child Deduction

My child is working so I cannot claim them as a dependent?

Not so fast. While it is true your child only gets one exemption, just because he/she is working doesn't mean you don't get it. If you still provide over 1/2 of their support, you are eligible to take the deduction. The question then becomes who saves the most money using the deduction. That is where we can help!!!

As always, please call (949) 683-8111 or email us at info@southcountycpa.com if you have any questions. We are here to help.

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