Important Tax Credits For 2017 Families

Important Tax Credits For 2017 Families

The can save parents up to $1,000 per child based on income. Higher income are entitled to a smaller credit, as the reduces the credit at modified adjusted gross income of $110,000 for joint, married taxpayers.

The Child and is an excellent way to recover some incurred for qualified supervision of your dependents while you work an earn a living. This credit covers a certain percentage of a maximum of $3,000 in expenses such as daycare fees for a single qualified person's care, and up to $6,000 for the care of two or more people. Qualified dependents include children under the age of 13, a or parent who is unable to care for themselves, and certain other dependents. Determined by your income, the percentage ranges between 20% and 35%. Quick breakdown: Filers with of $15,000 or less are entitled to a credit covering 35% of their expenses. Every additional $2,000 of AGI decreases the credit percentage by one, meaning those who have an AGI of over $43,000 are able to claim a 20% expense credit. If you paid the expenses with a specific flexible spending account or advantageous tax program through your work, your credit may be smaller.

The Earned Income Tax Credit can save you between $3,468 and $6,444 in 2017, and is related to the size of your , including children and dependents, your income, and your marital status. Families with an AGI of less than $55,000 should seriously consider their eligibility for the credit. However, investment income and other factors affect qualifying for the credit – in 2017 you have to have less than $3,500 in investment income, dividends or . If you don't have children, you may still be entitled to up to $520 from this credit if you file Single and have an income less than $15,310 in 2017 or jointly at $21,000.