Claiming your adult children on your taxes

Reuters has published an excellent article with tips on how to claim your adult children on your taxes if they are your dependents. They advise that determining whether your adult children qualify as dependents can be like “threading a needle in dim light.” But each dependent can cut your taxable income by $3,700 or more. Essentially, if you are paying 50% or more of your adult child’s expenses, it is worth reading the Reuters article to get the details, even if you adult child is not living at home. You can find the Reuters article here: Tax tips for the sandwich generation