Family and Dependent Tax Preparation,
Without the Stress
Children and other dependents can unlock some of the tax code’s most valuable benefits, but the rules are strict. A qualifying child may provide a significant credit, including a refundable portion even when no tax is owed. Paying for care while you work may qualify for another credit. Supporting a parent or other adult relative can provide a smaller benefit and may allow a filing status with more favorable tax rates. Eligibility can change with major family events, such as a new baby, divorce, or a parent moving into your home. When dependents are claimed correctly, the tax savings can reach thousands of dollars. When the rules are applied incorrectly, valuable benefits may be missed or the same dependent may be claimed twice.
Families with children, parents, or other dependents can meet with us at 12305 Gold Street in West Omaha. Clients choose our firm for upfront pricing, direct access to one credentialed professional, and consistent guidance from beginning to end rather than help from a seasonal preparer. Every return is prepared by a professional who holds the CFP® certification, CFA® charter, and Enrolled Agent credential. We also prioritize prompt communication throughout the year, including during tax season. After your return is completed, you receive a recorded video explaining the numbers, tax benefits, and filing decisions. You do not pay until the return has been finished and is ready for filing.
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Some Situations That Might Apply to You If You Have Children or Dependents
You have children
A qualifying child can provide one of the most valuable credits on a tax return, and part of the credit may be refundable even when you owe no tax. Eligibility depends on several specific requirements, including the child’s age, a valid Social Security number, where the child lived, and who provided support. The credit also begins to phase out at higher income levels. For many families, the rules are straightforward, but small details can determine whether the full benefit is available. We verify that each child qualifies, calculate the credit accurately, and claim any refundable amount you are entitled to receive.
You pay for childcare so you can hold a job
If you pay for childcare so you and your spouse can work, you may be able to claim a credit for part of the cost. The credit can apply to care for children below the qualifying age and for other dependents who are unable to care for themselves. Both spouses generally must have earned income, and the provider’s taxpayer identification number must be included, a requirement that can delay or prevent the claim. If your employer offers a dependent care spending account, those benefits must be coordinated with the credit rather than claimed twice. We review both options and make sure your childcare expenses are claimed in the way that provides the greatest benefit.
You support a parent or another relative
Dependents are not limited to children. If you provide most of the financial support for a parent, adult child, or another relative, that person may qualify as your dependent and make you eligible for a tax credit. Supporting a qualifying person may also allow you to file as head of household, which offers a larger standard deduction and more favorable tax brackets than filing as single. A dependent parent may qualify you for this status even if they do not live with you. Because the rules are specific and often overlooked, we review everyone you support to determine who qualifies and whether your filing status should change.
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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