Tag Archives: Child Tax Credit

Important Tax Credits For 2017 Families

The Child Tax Credit can save parents up to $1,000 per child based on income. Higher income families are entitled to a smaller credit, as the IRS reduces the credit at modified adjusted gross income of $110,000 for joint, married taxpayers. The Child and Dependent Care Credit is an excellent way to recover some expenses […]

Taxpayers who claim deductions typically understand that they have to be able to prove that they qualify for the deduction. For example, you know if you claim business expenses, charity gifts, or other costs for deduction, that you’ll need to supply documents such as receipts, cancelled checks, or bank statements in the event of an […]

Tax Credits You May Qualify For

Have you ever owed taxes after you’ve filed your return in April? If so, you’re probably looking for ways to save this tax season. Seeing which tax credits you qualify for can make a big impact on your tax bill this season. Tax credits are a big advantage to taxpayers. Qualifying for a credit is […]

When you’re ready to file your return, you may be interested in knowing how you can save money just by being a parent. The sheer act of raising children can reduce the amount of taxes you owe. The following eight options are available to parent taxpayers: Dependent Deduction: Generally, you can claim your child as […]

Many people instinctively file their tax returns, which is great, because most people are required to file. However, some people aren’t required to file, though it may be beneficial to them to do so. If you are filing a tax return, you’ll want to pay attention to some new rules taking effect this year. Use […]

Children Bring Joy and Tax Deductions

Having a baby can be one of life’s greatest treasures. From their first smile, first step, first word, and even their first tax deduction- wait, what? That’s right, having a baby not only enriches your life, but also your pocket come tax time. The US Department of Agriculture reports that it costs an average of […]

If you have a child under the age of 17, you are eligible to claim a tax credit for that child. This credit of $1,000 per child, can be claimed each year until the child turns 17. This credit does not replace the dependency exemption that you may claim for your child, so you are […]

Divorced Parents and Child Tax Credits

If a divorced couple has children, only one parent is eligible to claim any credits relating to the child. This means that one parent cannot claim the Earned Income Tax Credit, while the other claims dependency exemptions and credits. Typically, the custodial parent is eligible to claim the dependency exemption, the child tax credit, the […]

Tax Credits for Parents

If you have children, you may be entitled to beneficial tax credits. There are a few credits that are specifically targeted towards parents, and can be extremely helpful when it comes to saving money or offsetting the costs of raising children. In most scenarios, you can claim your child as a dependent, including children just […]

Five Credits You Shouldn’t Overlook

Not too many things can make you happy when it comes time to pay your taxes. The tax credit can be your friend and ally during tax season, so it’s important to get informed about which credits you may qualify for. Tax credits reduce the amount of tax you are responsible for paying, and some […]