Family and Dependent Tax Preparation,
Without the Stress
Children and other dependents open some of the largest benefits in the tax code, and also some of the most rule-bound. A qualifying child can bring a substantial credit, part of it refundable even if you owe nothing. Paying for care so you can hold a job can bring another. Supporting a parent or an adult relative can bring a smaller credit and may change your filing status to one that taxes you more favorably. Each of these has its own definition of who counts, and each shifts when your family does, a new baby, a divorce, a parent moving in. Claimed correctly, the benefits of a dependent often run into the thousands. Claimed loosely, they get missed or, worse, claimed twice.
Our office is at 12305 Gold Street in West Omaha. Some clients who have family members to claim choose us because they know the price before we begin and deal directly with one credentialed professional throughout the process, not a seasonal tax preparer. Your return is prepared by a CFP® professional, CFA® charterholder, and Enrolled Agent. We respond promptly, even during tax season. Once your return is complete, you receive a recorded video that walks you through every number and what it means, so you understand what is being filed and why, and you are not required to pay until your return is ready to be filed.
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Some Situations That Might Apply to You If You Have Children or Dependents
You have children
A qualifying child can bring one of the most valuable credits on the return, and part of it can come back as a refund even when you owe no tax. The credit has specific requirements, the child's age, a valid Social Security number, and rules about who the child lived with and who supported them, and it phases out at higher incomes. For most families with kids it is straightforward, but the details are exactly the kind that decide whether the full amount lands. We make sure each child qualifies, the credit is figured correctly, and the refundable portion you are owed is claimed.
You pay for childcare so you can hold a job
If you pay for childcare so you and your spouse can be employed, a portion of what you spend can come back as a credit, and it applies to care for children under a certain age and for other dependents who cannot care for themselves. Both spouses generally need earned income to claim it, and the care provider's tax number has to be reported, which is a step that stops many returns short. If your employer offers a dependent care spending account, it coordinates with the credit and the two have to be balanced rather than doubled up. We make sure the care you paid for is claimed the way that helps you most.
You support a parent or another relative
Dependents are not only children. If you provide most of the support for a parent, an adult child, or another relative, they may qualify as your dependent and bring a credit of their own, and supporting a qualifying person can also make you eligible for head of household status, which carries a larger standard deduction and more favorable brackets than filing as single. A dependent parent does not even have to live with you for the head of household benefit. The tests for who qualifies are specific, and they are easy to overlook because people assume dependents means kids. We check whether anyone you support qualifies and whether it changes your filing status.
We also help with related situations, including college expenses, brokerage accounts, and quarterly estimated taxes. Or browse every income tax situation we help with.
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