Accurate tax preparation ensures you will avoid mistakes that could cost you time and money, while also allowing the government to process any refund you are owed more quickly. If you have questions about tax preparation or filing, your Tucson accountant will be happy to provide you with the personalized answers you need.
How Long Can I Claim a Child as a Dependent?
If you are the head of your household, you may be able to claim your children as dependents for tax benefits. However, there are certain limitations to the length of time you can claim this status. Children can only be classified as dependents if, at the end of the calendar year, they are younger than 19 or are a student younger than 24. However, children who meet the qualifying relative test can remain dependents past the age of 24. Keep in mind that if you claim a child who is currently a college student as a dependent, he cannot claim his own personal exemption on his taxes.
What Is a Split Refund?
If you are owed a tax refund from the federal government, you can choose how and where you want that refund to be distributed. While many people opt to simply receive a single check or direct deposit, splitting your refund can make it easier to distribute your refund by doing so at the time you receive it. When you request a split refund, you may name up to three accounts within U.S. financial institutions that you want to receive your refund as a direct deposit sum. You may split up your refund among these accounts in any way you wish.
At Kalil & Associates, we provide a wide range of tax and accounting services to help you handle your personal or business finances. Whether you require regular business bookkeeping or help with your personal tax return, our accountants are ready to serve you with experience and integrity. Please visit us on the web or contact our accounting firm by calling (520) 433-9121.