The Law Offices of Nick Nemeth

Nick Nemeth, Prominent Dallas Tax Lawyer, Explains Tax Exemptions and Dependent Facts

Tax attorney Nick Nemeth explains certain facts about tax returns. These facts include topics like taxable income, exemptions, and dependents. The most common questions from taxpayers are answered to help taxpayers file accurate and complete tax returns.


Dallas, TX -- (SBWIRE) -- 04/02/2015 -- Prominent Dallas /Fort Worth tax attorney, Nick Nemeth, has published another article to assist taxpayers in filing tax returns. It explains many facts about dependents and tax exemptions of which individuals need to be aware. The tax code allows for personal and dependent exemptions as long as the taxpayer qualifies, and these exemptions will decrease the taxable income that must be declared as well as the tax liability that is owed for the year. Many people do not understand what exemptions are available, how they're used, and who can be claimed as a dependent. This lack of information and knowledge can be very costly to a taxpayer. It can easily increase the amount of tax that must be paid to the IRS.

The Law Offices of Nick Nemeth focuses mainly on tax issues and IRS disputes. They are frequently contacted by taxpayers who have questions or concerns about dependents, exemptions, or even what is taxable income. The IRS will not apply the allowable exemptions and dependents to a tax return if they are omitted by the taxpayer. It is up to the taxpayer to claim these in order to reduce their taxable income and the tax owed. Nick Nemeth is a tax lawyer who understands the tax codes and IRS rules. He has been an advocate for taxpayers for more than 15 years. In the newest published article, Texas based lawyer Nick Nemeth explains to taxpayers what exemptions they may be eligible for. He suggests resources to help taxpayers determine whether someone can be claimed as a dependent.

Many taxpayers don't take all the tax exemptions they are legally allowed to claim under the US tax code. Some individuals may not claim dependents that they are legally entitled to claim. This means that any tax liability will be based on a larger taxable income. Higher tax amounts will be assessed because exemptions or dependents were missed. There are special rules for dependents who must file their own tax return. In this situation, the dependent may not be allowed to take a personal exemption for themselves. Starting in 2014 there are also new rules and requirements concerning health insurance coverage because of the Affordable Care Act. Matters can get complicated even further for ordinary taxpayers. Attorney Nick Nemeth advises taxpayers that being informed and prepared is the best way to deal with the IRS. Taxpayers need to understand the exemption phase out limit. The limit could reduce or even eliminate the exemption allowance for high income taxpayers who make more than the limit on income imposed by the IRS.

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About Nick Nemeth
The Law Offices of Nick Nemeth focus solely on IRS tax problems and one of the most common reasons clients come to Nemeth is for delinquent tax returns.

With over 15 years experience as a lawyer, Nick Nemeth is a best-selling author who focuses on helping both individuals and businesses overcome the stress and devastation of their tax problems. At his boutique tax law firm located in the Dallas/Fort Worth area, solving IRS problems goes beyond saving his clients' money.

The Law Offices of Nick Nemeth
4100 Alpha Rd., Ste 915,
Dallas, TX 75244