Taxpayers with children may qualify for certain tax benefits. Parents should consider child-related tax benefits when filing their federal tax return:
Dependent. Most of the time, taxpayers can claim their child as a dependent.
Child Tax Credit. Generally, taxpayers can claim the Child Tax Credit for each qualifying child under the age of 17.
Child and Dependent Care Credit. Taxpayers may be able to claim this credit if they paid for the care of one or more qualifying persons. Dependent children under age 13 are among those who qualify.
Earned Income Tax Credit. Taxpayers who worked but earned less than $53,505 last year should look into the EITC. They can get up to $6,269 in EITC. Taxpayers may qualify with or without children.
Adoption Credit. It is possible to claim a tax credit for certain costs paid to adopt a child.
Education Tax Credits. An education credit can help with the cost of higher education.
Student Loan Interest. Taxpayers may be able to deduct interest paid on a qualified student loan. They can claim this benefit even if they do not itemize deductions.
Self-employed Health Insurance Deduction. Taxpayers who were self-employed and paid for health insurance may be able to deduct premiums paid during the year.
Courtesy of IRS
For more information contact Neikirk, Mahoney and Smith at 502-896-2999.
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