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Bob
Parrish CPA, P.C. HOME
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~ It Is:
Introduction
Objectives
Your Questions
What You Will Need
Warning
Intro Summary
Related Information
*Plain English Explanation
Object Restated
Why or How It Works
Alternatives
Cost V. Benefit
Other
Reserved
*Tech Analysis & Citations
Commentary
Law
Regs
Cases
Revenue Procedures
Revenue Rulings
Private Letter Rulings
*TAX KILLERS
*COST KILLERS
*PREPARE
FOR ADVISER
Entrance Interview
From Your Other Business, or Financial Records
From Corporation or Organization Records (meetings, etc.)
*PREPARE YOURSELF
Action
Checklist - What To Do
*FINANCIAL ACCOUNTING
Financial
Statement Presentation
Notes to Financial
Statements
How to Make Entries
What Kind of Records to
Keep
Bookkeeping
Methods - Cash, Accrual and Other
How the
Business Entity Affects the Recording
*COMPLIANCE
*ALERTS - DANGERS
Action Checklist
Alerts & Dangers -
Risks
Asset Protection
Your Defense
*TOOLS
*SAMPLES
*REQUIRED REPORTS
*CHECKLIST FOR DEPLOYMENT
*CHECKLIST FOR MONITORING
*INDEX
pro1040 and Consulting OnLine are ©
Dependents - Divorced Parents
Preface ~ Client Letter - What this idea is about ~ Introduction ~
Dear Client:
This page is to assist you with the rules for claiming dependents of divorced parents.
Learning Objectives (What You Asked) ~ Your Questions: The following questions will be answered
Which parent may claim the dependent - what "tests" the IRS requires you to meet
Engagement Status Letter ~ WARNING!
You have not engaged Bob Parrish CPA PC, Bob Parrish CPA, pro1040, Consulting on line, any related parties, or the ISP to perform any services for you or offer you advice. This entire site is for educational or informational purposes only. The materials are not opinions, advise, legal advice on any matter and have not been tailored to specific jurisdictions, individuals, other entities, or circumstances. You are not to use the forms, concepts, strategies, or knowledge without assistance from a professional. You must update and validate this information yourself with your own research, experience and the advice of a competent professional adviser in your jurisdiction. The author, the corporation, the ISP, Bob Parrish CPA, Bob Parrish CPA, P.C. or other parties related to those or this site do not guarantee or warrantee in any manner the suitability, usefulness, accuracy, timeliness, or results of any portions of this site, nor the links contained in this site which link to other areas. At times, information is taken from other sources and is believed to be accurate, but no verification or confirmation is performed. Furthermore, if any federal or state law invalidates a portion of this disclaimer, the other portions still apply. In addition, any allegations or actions are restricted to arbitration only and must be arbitrated by the Better Business Bureau in Sarasota Florida. Reading of these pages constitutes complete acceptance and agreement with all disclaimer provisions on all pages of this site. ....... Sunday, March 04, 2007 08:43 AM
Bob Parrish CPA:
License Jurisdictions —
CPA: LA, FL, TX
Summary
Related Information
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A few closely related topics & pages From Bob Parrish CPA PC (left-click this to expand it):
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Reserved
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Reserved
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Reserved
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Dependent Test Report (ppt)
Plain English Explanation
Object Restated
Why or How It Works
Alternatives
Cost V. Benefit
Other
Reserved
Your Answers
This Topic OBJECTIVE is: What it does Explanation of this topic and how it may affect you (for how it may affect you also refer to : Financial Accounting: Bookkeeping & Financials ~ Compliance - What is required for protection, defense, etc. ~ Alerts & Dangers)
One item to consider is the rule that a married taxpayer must file a joint return to claim what is known as the Dependent Care Credit. If you lived apart for the last six months of the tax year and the house is the place of abode for the child you may claim the credit. Also a divorced or legally separated taxpayer having custody of a disabled or under age-13 child is entitled to the credit even though s/he has released the right to a dependency exemption for the child or is not entitled to the exemption under the terms of a pre-1985 divorce decree or settlement agreement.
Start of Plain English Section
Why or How it works - Both Sides of the Equation and Examples:
The general rule is (and there are exceptions to the general rule) the exemption is available to the parent who has custody of the child for the greater part of the year. Use this rule only if the dependent receives more than one-half support from parents that are legally divorced, legally separated or lived apart for the last six months of the year. Furthermore the dependent must have been in the custody of one or both parents for more than one-half of the year.
Here are the exceptions to the above rule:
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There is a multiple support agreement that gives the dependency deduction to the non-custodial parent;
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The custodial parent release his or right to the deduction to the non-custodial parent
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There is a pre-1985 divorce granting the deduction to the non-custodial parent
Start of Plain English Section
Comparisons
Contrasts
Start of Plain English Section
Cost v. Benefit Analysis ~ Its Value
Start of Plain English Section
Start of Plain English Section
Start of Plain English Section
Technical Analysis and Explanation
Commentary
Law
Regs
Cases
Revenue Procedures
Revenue Rulings
Private Letter Rulings
Commentary
Start of Revenue Procedures Section
Start of Private Letter Rulings
Tax Killers
This is about Activity Based Taxplanning - maximizing deductions, minimizing cash outlay and maximizing the amount of cash retained and the net worth. Activity Based Taxplanning (ABT) is a methodology developed by Bob Parrish CPA, that assists people with the tax issues by focusing on the activity (or actions - events) that are being undertaken or contemplated (or have already taken place). The, research is compiled from the myriad of sources to help you complete the activity with the least tax cost, while maintaining compliance the tax laws, other laws and regulations and place yourself in a position to protect your objectives.
Tax is a subject that many view in order to cut costs. Taxes are a cost just as any other cost. It happens this cost is somewhat intangible and is defined by legislation without a tangible item to view and control. The money is spent and the control of the expenditure is more appropriately administered by someone trained in the law.
Cost Killers
Management Info Sys, Decision Support Systems, Activity Based Management and Costing, Cost Accounting)
Prepare for Your Adviser CPA or Attorney (or inform yourself about this topic)
Entrance Interview
From Your Other Business, or Financial Records
From Corporation or Organization Records (meetings, etc.)
About the Preparation Procedures
If you have decided this task must be done, the first procedure is to be certain you have all the facts important to this topic. So that you may know the value, to you personally, of this topic you must have facts of your circumstances. So that you may comply with applicable rules, you must have all the facts. Factual research is time consuming and if not performed wisely will be very expensive if not performed properly, and thoroughly. IF you decide to make this a do-it-yourself project you should seek the advice of a professional qualified in your jurisdiction to assist you with defining important information and then to overview the information you have gathered.
What to gather - an Organizer and Prepare for your CPA, Attorney or Financial Adviser
Organizer
Organizers: 1040 Personal Data ~ Organizer 1040 Dependents
Dependent Care & Education Credit Organizer
Organizer 1040 Additional Information ~ Organizer 1040 Adoption Expenses
Organizer 1040 Child Care Expenses- Credit
Look at the IRS prescribed form for the Multiple Support Declaration
Child Credit and Education Credit ~ Organizer 1040 Education Exp Credits
Organizer 1040 Parent's Election to Report Child's Income
Organizer 1040 Education Exp Credits
From Your Other Business, or Financial Records
From Corporation Records or Organization Records (meetings, etc.)
Start of Preparing For You CPA Section
Prepare Yourself - Become Knowledgeable About Forms, Checklists, Etc.
INFORM
YOURSELF
Action
Checklist - What To Do
How to do this - What to Do: Seek assistance from Bob Parrish, as requirements change from time to time and circumstance to circumstance.
GENERAL SETUP & STARTUP
PRINT FORMS AND DOCUMENTS NEEDED
PRESENTATION STANDARDS
Financial Accounting - Bookkeeping and Financial Statements
Financial Statement Presentation
Notes to Financial Statements
How to Make Entries
What Kind of Records to Keep
Bookkeeping Methods - Cash, Accrual and Other
How the Business Entity Affects the Recording
Financial Statement Presentation
Back to Start of Financial Accounting: Bookkeeping & Financials
Back to Start of Financial Accounting: Bookkeeping & Financials
Back to Start of Financial Accounting: Bookkeeping & Financials
Back to Start of Financial Accounting: Bookkeeping & Financials
Bookkeeping Methods - Cash, Accrual and Other
Back to Start of Financial Accounting: Bookkeeping & Financials
How the Business Entity Affects the Recording
Sole Proprietor
Corporation - C & S
Partnerships - General, Limited, Limited Liability Company, Registered Limited Liability Partnership or Company
Trusts
Tax Exempt
Back to Start of Financial Accounting: Bookkeeping & Financials
Compliance Requirements
Compliance Checklist
Back to Start of What is required for protection, defense, etc.
Alerts and Dangers
Action Checklist
Alerts & Dangers - Risks
Asset Protection
Your Defense
Back to Start of Alerts & Dangers
Back to Start of Alerts & Dangers
Back to Start of Alerts & Dangers
Back to Start of Alerts & Dangers
Tools - Spreadsheets - Documents - Checklists - Organizers
TOOLS
Spreadsheets &
Math
Spreadsheets & Computations
Back to Start of Spreadsheets & Math
Sample Forms
Consult with your adviser - call, write, email or drop by to seek the advice of Bob Parrish CPA. If you are not a current client, then Bob Parrish CPA PC can furnish a second opinion or can be your primary adviser. This entire site is for educational or informational purposes only. The materials are not opinions, advise, legal advice on any matter and have not been tailored to specific jurisdictions, individuals, other entities, or circumstances. You are not to use the forms, concepts, strategies, or knowledge without assistance from a professional. You must update and validate this information yourself with your own research, experience and the advice of a competent professional adviser in your jurisdiction.
Back to Start of Contracts, Trusts, etc.
Required Reports
Back to Start of Reports Required
Checklist for Deployment
Checklists for Deployment
Back to Start of Checklists - Deployment
Checklist for Monitoring
Back to Start of Checklist - Monitoring
Index
Click on the text -- (a) to expand or collapse the outline if the text has no underline OR (b) to jump to the topic if the text has an underline
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Analyses
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Plain English Analysis - Your Answers
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How To Do This
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Increase Wealth
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Inform Yourself
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Information Sources
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Introduction
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Procedures
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Tools
Contact Information
