11-23-09-FINAL - Phase 1: Income, Deduction and Credits....

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Claudia Pelaez Colorado Technical University Online ACC455-0904B-01: Tax Accounting I Instructor: Debra Latimore November 23, 2009 What filing status would you recommend for James and Diane? My recommendation for that family is to file a joint return. They meet the criteria needed for this since they are married, they have the same tax year end and they are U.S citizens. Filing this way, they will have more advantages than if they choose to do married filing a separate return. For example: taxes are lower and standard deductions are higher. Other tax benefits won’t be available when filing under married filing separate returns. How many dependents can they claim? The three children are qualifying children. But in regards to the age test which requires that the children must be under the age of 19 or can be under the age of 24 but has to be a full time student. Based on these criteria they just are able to claim Elaine (she is less than 24 years old and a full time student.) and Brandon (he is 13 years old.) as their dependents. Susan can’t be claimed as dependent as she is 19 years old but she is only part time
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11-23-09-FINAL - Phase 1: Income, Deduction and Credits....

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