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    • Government Agencies
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    • Healthcare
    • Individuals
    • Manufacturing & Distribution
    • Architects, Construction & Engineering
  • Lifecycle
    • Exit & Succession
    • GAP Management
  • Services
    • Assurance & Reporting
    • Customized Accounting Solutions
    • Payroll
    • Income Tax Strategies & Returns
    • Sales Tax Reporting & Audits
    • Employee Benefit Plans & ESOPs
    • Fraud & Internal Controls
    • Valuations
    • Exit & Family Succession
    • Advisory Support
    • Abila™ Nonprofit Solutions
  • Careers
  • Resources
    • Brochures
    • Client Portal
    • Secure Send
    • Newsletter
    • Record Retention
    • Tax Organizer
    • Videos
  • Contact Us

Daily Archives: March 3, 2022

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What Is the Credit for Other Dependents?

Individuals, NewsletterBy Wessel & CompanyMarch 3, 2022

The credit for other dependents is a tax credit available to taxpayers for each of their qualifying dependents who can’t be claimed for the child tax credit. The maximum credit amount is $500 for each dependent who meets certain conditions. These include: Dependents who are age 17 or older. Dependents who have individual taxpayer identification…

Reminder: Social Security Benefits May Be Taxable

Individuals, NewsletterBy Wessel & CompanyMarch 3, 2022

Social Security benefits include monthly retirement, survivor, and disability benefits; they do not include Supplemental Security Income (SSI) payments, which are not taxable. Generally, you pay federal income taxes on your Social Security benefits only if you have other substantial income in addition to your benefits. Your income and filing status affect whether you must…

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