Tag: exemptions

IRS Tax Tips – 2022-2023 Tax Season Benefits for Parents Plus Facts about Dependents and Exemptions

The IRS publishes several bulletins which contain useful information for tax payers with dependents - e.g parents, grand parents and guardians - that apply to many of my readers. I have summarized the key points below including references to related articles for the latest tax season. Tax Benefits for Parents Dependents. In…

2024 vs. 2025 Alternative Minimum Tax (AMT) Income Exemption Phase-out Amounts

Following enactment of the American Tax Relief Act (ATRA) a few years ago, the annual "AMT patch" legislation that Congress had to pass every year to ensure more people were not snagged by the Alternative Minimum tax is now no longer required. Instead the AMT exemption and associated thresholds based…