If you are figuring out your estimated tax payments for 2009, there are some new and/or updated factors that the IRS suggests you consider. Here’s a list of all of the areas in which there are estimated tax changes for 2009.
In an effort to keep you as well-informed about estimated taxes as possible, we are going to explain each of the new rules in a series of posts published in the coming weeks.
The topic for this post is the definition of a qualifying child. The IRS has made the following changes to the definition of a qualifying child:
- Your qualifying child must be younger than you
- A child cannot be your qualifying child if he or she files a joint return, unless the return was filed only as a claim for refund.
- If the parents of a child can claim the child as a qualifying child but no parent so claims the child, no one else can claim the child as a qualifying child unless that person’s adjusted gross income (AGI) is higher than the highest AGI of any parent of the child.
- Your child is a qualifying child for purposes of the child tax credit only if you can and do claim an exemption for him or her.
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NC does not stand a chance. Unless a company has a “Nexus” in a state, they are not required to collect sales tax. The onus of paying the sales tax is the person making the purchase.