Want a Bigger Refund? Check Out Above-the-Line Deductions
The standard deduction has been almost doubled this year, and above-the-line deductions stack!
ReadWhen we’re talking taxes, a dependent is generally an individual who relies on you to provide at least 50% of their basic needs—like food, shelter, and clothing—for the year. Dependents can be children, or adults who need care. Child dependents must live with you for at least half of the year, but adult dependents aren’t required to live with you so long as you provide their housing. Why is this dependent status important? Because certain tax breaks hinge on whether you claim dependents on your taxes, and you don’t want to miss an opportunity to lower your tax bill.
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