4 ways they can help cut your tax bill

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Family With Adult Children Relaxing On Sofa At Home Together

By Tina Orem

About 43% of men and 36% of women ages 18 to 34 still live with parents or relatives, according to the Pew Research Center, but experts say there are a few things parents can do at tax time to help offset the costs of letting those adult children stay in the nest. As with parenting, though, it can be a tricky endeavor.
1. Claim Junior as a dependent.
In general, if your child isn’t making more than $4,000 per year and you’re providing more than 50% of his or her support, then he or she may continue to qualify as a dependent, says Jim Guarino, who is a CPA and certified financial planner at Moody, Famiglietti & Andronico in Tewksbury, Mass. For the 2015 tax year, that can net parents a $4,000 exemption.
There are a few catches, adds David Haas, a certified financial planner at Cereus Financial Advisors in Franklin Lakes, N.J.  First, you’ll have to be able to prove you’re paying more than half of the child’s expenses. Second, if your child is 24 or older, has a job and isn’t disabled, you probably can’t take the exemption.

  • 2. Make her a tenant.
  • 3. Hire Junior.
  • 4. Capitalize on your health coverage.

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