Answer: Yes, but I'm a handful
New parenthood is an exciting, exhausting time: new hours to eat and sleep, new sounds throughout the house -- and of course, that attractive new $3,900 dependent exemption on your federal income tax return.
Gail Rosen, a CPA in Martinsville, N.J., recalls one proud new dad who was a little too eager to reap the financial rewards of fatherhood.
"A client had twins on Jan. 7 and was aggravated when I told him he can't take his children as dependents in the prior tax year," she says. "He then argued with me that life starts at conception and he should be able to write them off."
Having been denied not one but two dependent exemptions because of that whole childbirth technicality, the exhausted new dad gamely proposed plan B.
"My client was sitting here going over his books for hours and he finally turned to me and asked, 'Can I take you as a dependent?'"
Rosen suggested he take a nap instead.