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

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Phase 1: Income, Deduction and Credits. Claudia Pelaez Colorado Technical University Online ACC455-0904B-01: Tax Accounting I Instructor: Debra Latimore November 23, 2009 My recommendation for the Adams family since they are married, they have the same tax year end and they are U.S citizens, is to file a joint return. Filing this way taxes are lower and deductions are higher. If they do married filing a separate return there are certain tax benefits that may not be available for them. Considering the dependents, 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. They cannot claim Susan because she is 19 years old but she is only part time student.
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