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"In Memoriam of our Founder, our Patriarch, and my Partner...
Rest in peace, Dad"
Palestra Financial
1904 Duck Slough Blvd., Trinity, FL 34655
Phone: 844-WHY-PLAN™
Website: www.PalestraFinancial.com
Dependents can help reduce your tax bill by claiming valuable credits like the child tax credit, dependent care credit, or adoption credit. But who qualifies as a dependent?
SUPPORT
Generally, a dependent relies on another person for financial support, such as housing, food, clothing, and necessities. Typically, this includes your children or other relatives, but it can also include people not directly related to you, such as a domestic partner or stepchildren.
Also, the child must be your son, daughter, stepchild, foster child, or grandchild. Generally, a child must have lived with you for at least half of the year, and you must have provided at least half of their financial support.
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