Supporting a parent could cut your taxes

Posted on Dec 26, 2013

If you provided more than half a parent’s support in 2013, you may be entitled to a $3,900 dependency exemption. If other family members helped to provide support, you can use a “multiple support agreement” to decide who gets the exemption for 2013. Paying a caretaker or paying for a parent’s medical expenses might qualify for a tax credit or deduction. For details, contact our office.

Gilliland & Associates, PC is a full-service CPA firm specializing in tax planning for individuals and businesses in the Northern Virginia area. We are based in Falls Church, VA and also service clients in the McLean and Tysons Corner, VA. Gilliland & Associates specializes known for our superior knowledge and aggressive interpretation and application of tax laws, we help you keep more of your earnings by finding you the lowest possible tax on your business or personal tax return. You can connect with us on Google+ <https://plus.google.com/108764776146415485651/posts> , LinkedIn <http://www.linkedin.com/in/gillilandcpa> , Facebook <https://www.facebook.com/gillilandcpa> , and Twitter <https://twitter.com/dnggcpa>

Share