Tag Archives: child

Who Qualifies as a Dependent?

Once you begin preparing your taxes, it won’t be long before you begin to question who you can claim as a dependent. It’s important to know who qualifies, because each dependent can save you a little extra by way of an exemption – a set amount deducted directly from your taxable interest. The dependent exemption […]

Being a Parent Can Be Extra Rewarding

Taxes can be difficult to prepare on your own, and as a parent, the addition of dependents can make things even more difficult. However, by claiming your child(ren) as a dependent, you become entitled to a variety of tax savings from the government. In order to maximize your benefits as a parent, follow these tips: […]

Tax Exemptions Add More to Your Wallet

Understanding the tax laws isn’t always an easy task. However, there are certain parts of the tax code that are relatively straightforward and simple to comprehend – for tax code that is. Exemptions are one of the few great parts of filing your taxes, because they help taxpayers get back more of their hard earned […]

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 […]

Children Filing Tax Returns

There’s a chance that you may have children who are required to file a tax return, even if they are a dependent of yours. Typically, the child is held accountable for filing the return, as well as paying any taxes owed, along with penalties and interest. In some cases, if the child fails to pay, […]

If you’re a parent and you have to work, there a pretty good chance you have to pay for the care of your child during working hours. This can get pretty expensive, but thankfully there is a tax credit that can help offset the cost of childcare services. The Child and Dependent Care Credit is […]

Child and Dependent Care Credit

Hiring a professional to care for a disabled adult, or having to pay for childcare services for children under 13 can be costly.  Luckily, the government has a tax credit which can help reduce these costs and put more money back into your pocket. The Child and Dependent Care Credit can put up to 35% […]

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 […]