Tag Archives: Child Tax Credit

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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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Depending on Claiming Dependents?

To get a little extra cash back this tax season, consider the benefits you may be eligible for by claiming children or adult relatives as dependents. For each dependent you claim that qualifies, you get a personal exemption, and depending on the age and relationship of the dependent, you may be eligible for additional tax […]

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Child Tax Credit

Raising children can be expensive for working families. That’s why in 1997 the federal government enacted the Child Tax Credit (CTC) in which eligible families can receive a credit of up to $1,000 per child under the age of 17. The Child Tax Credit has received bipartisan support, and was expanded in 2001. A qualifying […]

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