Anthony Sykes & Company

            The IRS has been looking closer at Dependent deductions since 2005. Being able to claim a dependent on your taxes is tied to a number of tax related benefits. It may benefit the taxpayer because they can claim each dependent as an exemption. They may also be able to qualify for a child tax credit, depending if they meet the guidelines.              To help figure out if you have a qualifying dependent there are a set of rules you should go by. the following will be considered as a qualified dependent: 1. The person must be your child, stepchild, adopted child, foster child, brother, sister or a descendant of one of these. 2. The person must reside in the same residence with the taxpayer for more than half the year. 3. Age is also a factor. the qualifying dependent has to be: Under the age of 19 at the end of the year Under the age of 24 and be a full time student or at least 5 months out of the year.  Any age and totally and permanently disabled  4. The qualif

            The IRS wants newlyweds to follow some of these tips (which ever one applies to you) that will most likely help you out when tax season rolls around. 1. Notify the Social Security Administration about a name change- you must report to the Social Security Administration when you change your name, so your name and social security number will match when you file a return. The best way to go about it is filing a SS-5 application form for a new social security card or you may also go to the SSA website. 2. Notify the IRS if you move-sometimes when you get married you may move to a different residence. In order for the IRS to get an accurate address of your new residence you can download form 8822 and send it to the IRS. 3. Notify the U.S. Postal Service- when you move the best way to accurately change your address is by notifying your local post office. They can forward any mail back to you including any correspondence and refunds from the IRS. 4. Report any name chang

                                            This economy has shown us some tough times over the past few years. Many people have lost their jobs and a lot of companies have gone out of business. Now we are all starting to put the pieces together and there is a lot of people looking for new jobs. I have information the IRS wants you to know about deducting cost related to your job search.           1. In order to qualify for any deduction, your expenses must be spent on a job search in your current occupation. It does not qualify while incurring for a job in a new occupation.           2. You can deduct agency fees while you're looking for a job in your present occupation. However, if your employer pays you back in the later year then you must include that amount on your gross income.           3. Deducting the time you spend preparing and mailing copies of your resume can be deducted as long as it's in the same field that you work in.           4. You may be able to d