Great Tax Planning Advice: “Push!”

Great Tax Planning Advice: “Push!”

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Taxpayers are entitled to claim an exemption for dependent children they supported at any time during the tax year.

So, if a baby is born at on December 31st, the parents can claim the exemption even if the child was only a dependent for one minute of the year.

This is precisely what happened to Matt and Maria Lenius of Peoria, Illinois.

Maria gave birth to the last American baby born in 2008 – a girl they named Melina.  She arrived one week early, just in the nick of time for the Lenius’s to claim a 2008 personal exemption of $3,400.00 plus a child tax credit of up to $1,000.00.

Congratulations, Matt and Maria. I’ll smoke a Cohiba in your honor?

Post Script: Rumor has it that the Lenius’s tax advisor, Max Shelter, was in the delivery room exhorting Maria, at the top of his tax lungs, to “push! push!”

About Peter Pappas

Peter is a tax attorney and certified public acccountant with over 20 years experience helping taxpayers resolve their IRS and state tax problems.

He has represented thousands of taxpayers who have been experiencing difficulty dealing with the Internal Revenue Service or State tax officials.

He is a member of the American Association of Attorney-Certified Public Accountants, the Florida Bar Association and The Florida Institute of Certified Public Accountants and is admitted to practice before the United States Tax Court, the United States Supreme Court, U.S. District Courts - Middle District of Florida

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