Tag Archives: children
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 […]
— Read moreTaxes 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: […]
— Read moreAre you a parent? It’s important to understand how support you provide to your children can alter your tax liability, and which types of support you can get credit for. Child Credit For each child under the age of 17 that you claim on your tax return, your taxable income is reduced by $1,000. The […]
— Read moreThere’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, […]
— Read moreHiring 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% […]
— Read moreRaising 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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