J.K. Lasser's 1001 Deductions and Tax Breaks 2015: Your Complete Guide to Everything Deductible

CHAPTER 1 You and Your Family

1. Personal Exemption
2. Dependency Exemption
3. Child Tax Credit
4. Earned Income Credit
5. Dependent Care Expenses
6. Adoption Costs
7. Foster Care
8. Child Support
9. Alimony

 

Alert

At the time this book was printed, Congress had not extended numerous breaks for 2014 that had expired at the end of 2013. Check the online supplement in February 2015 at www.jklasser.com or www.barbaraweltman.com to see whether these breaks apply for 2014 returns.

Do the old clichés 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, such as exemptions and tax credits related to your children and the consequences of marital dissolutions. 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 596, Earned Income Credit; 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 ($3,950 in 2014).

Benefit

You can ...