Trey has two dependents, his daughters, ages 14 and 18, at year-end. Trey files a joint return with his wife, who has income of $4,700 for the year.
a. Trey can claim both of his daughters as dependents on his tax return if they meet the qualifying child requirements.

b. Trey and his wife can choose to file their taxes separately if it would be more beneficial for their financial situation.

c. Trey can potentially qualify for the Child Tax Credit for each of his daughters if they meet the requirements.

d. Trey and his wife can consider contributing to a tax-advantaged savings account, such as a 529 plan, for their daughters' education expenses.