When tax season approaches, it’s always a good idea for parents and guardians to familiarize themselves with the current rules for claiming dependents. Doing so can lead to valuable tax benefits but also comes with highly specific eligibility criteria and guidelines. Delve into the intricacies of claiming dependents on your income taxes and empower yourself with the knowledge you need to make informed decisions, maximize tax savings, and ensure full compliance with tax regulations. Here’s what you need to know about the tax rules for claiming dependents.

It's no secret that it can be frustrating to navigate the complexities of US tax codes and regulations. Of course, the last thing anyone wants is to find themselves facing tax penalties. While every situation is unique, there are some common pitfalls that can trigger penalties, so empowering yourself with a bit of information can help you stay compliant. Here’s a brief guide on how to avoid the costly consequences of tax penalties.