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The 2014 deduction for each dependent is $3,950. Dependents are children, other relatives, and certain unrelated members of your household who meet specific tests, such as income and support. Some relatives, including parents and grandparents, may qualify even if they don’t live with you. You may also be able to benefit if family members share caregiving support costs for a loved one.

If you work and pay expenses for care of a dependent, the child and dependent care credit could save some tax dollars. The credit is based on your income and is available if you work full or part time. You may be eligible if you work from your home office. Give us a call for details.

To figure out if you’ll owe the alternative minimum tax (AMT), you’ll need to adjust your regular taxable income for items that are disallowed or calculated differently under the AMT rules. When that adjusted amount is higher than your AMT exemption, you may owe additional tax. The AMT exemption depends on your filing status.

Did you start a new job during 2014? If your new employment is in the same line of work and you plan to itemize, you may be able to deduct the cost of resumes, employment agency fees, mileage, and some travel expenses. If you moved to take the new job, you might qualify for an additional deduction, one that doesn’t require itemizing.

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