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Eight Tax Savers for Parents

2/11/2014

 
Your children may help you qualify for valuable tax benefits.  Here are eight tax benefits parents should look out for when filing their federal tax returns this year.

1.  Dependents  In most cases, you can claim your child as a dependent.  This applies even if your child was born anytime in 2013.  For more details, see Publication 501, Exemptions, Standard Deduction and Filing Information.

2.  Child Tax Credit  You may be able to claim the Child Tax Credit for each of your qualifying children under the age of 17 at the end of 2013.  The maximum credit is $1,000 per child.  If you get less than the full amount of the credit, you may be eligible for the Additional Child Tax Credit.  For more about both credits, see the instructions for Schedule 8812, Child Tax Credit, and Publication 972, Child Tax Credit.

3.  Child and Dependent Care Credit  You may be able to claim this credit if you paid someone to care for one or more qualifying persons.  Your dependent child or children under age 13 are among those who are qualified.  You must have paid for care so you could work or look for work. For more, see Publication 503, Child and Dependent Care Expenses.

4.  Earned Income Tax Credit  If you worked but earned less than $51,567 last year, you may qualify for EITC.  If you have three qualifying children, you may get up to $6,044 as EITC when you file and claim it on your tax return.  Use the EITC Assistant tool at IRS.gov to find out if you qualify or see Publication 596, Earned Income Tax Credit.

5.  Adoption Credit  You may be able to claim a tax credit for certain expenses you paid to adopt a child.  For details, see the instructions for Form 8839, Qualified Adoption Expenses.

6.  Higher education credits  If you paid for higher education for yourself or an immediate family member, you may qualify for either of two education tax credits.  Both the American Opportunity Credit and the Lifetime Learning Credit may reduce the amount of tax you owe.  If the American Opportunity Credit is more than the tax you owe, you could be eligible for a refund of up to $1,000.  See Publication 970, Tax Benefits for Education.

7. Student loan interest  You may be able to deduct interest you paid on a qualified student loan, even if you don’t itemize deductions on your tax return.  For more information, see Publication 970.

8.  Self-employed health insurance deduction  If you were self-employed and paid for health insurance, you may be able to deduct premiums you paid to cover your child under the Affordable Care Act.  It applies to children under age 27 at the end of the year, even if not your dependent. See Notice 2010-38 for information.  

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  • Home
  • About
    • Book An Appointment
  • Accounting
    • Dashboard
    • Xero+Accountency
    • Xero Intro
    • AutoMagical Accounting
    • QuickBooks >
      • QuickBooks Updates
    • Store
  • Payroll
  • Taxes
    • Dashboard
    • Individuals
    • Businesses
    • Tax Stuff >
      • Individuals >
        • Income >
          • Debt Forgiveness
          • Foreign Income
          • Gambling Income
          • Unemployment
          • Other Income
        • Deductions & Credits >
          • Adoption
          • Charitable Contributions
          • Earned Income Tax Credit
          • Educational Expenses
          • Energy Tax Credits
          • Employee Business Expenses
          • Other Deductions and Credits
        • Affordable Care Act - Individuals
        • Children and Dependents
        • Death
        • Disabled Taxpayers
        • Educators
        • Health Care
        • Identify Theft
        • Marriage and Divorce
        • Military
        • Real Estate
        • Retirement Savings
        • Seniors
        • State Taxes
        • Record Keeping
        • Who Must File
        • Other Topics
      • Businesses >
        • Affordable Care Act - Businesses
        • Year-end Reporting Obligations >
          • 1099's
          • Health Insurance Premiums
          • Depreciation
          • Reimbursed Employee Business Expenses
          • Company Automobiles
        • Employment Tax Credits
        • Independent Contractors
        • Tax Credits and Deductions for Businesses
        • Other Business Topics
        • Required Business Posters
      • Amended Returns
      • IRS Notices and Problems
      • Tax Plan >
        • All About the Earned Income Tax Credit
        • 5 IRS Audit Red Flags
        • Retirement Plans for Sole Proprietors
        • Are You Claiming All of Your Tax-Deductable Business Expenses for 2015?
        • All About Past Due Tax Returns
        • Do You Need to File Form 1099s?
        • How to File an Appeal with the IRS
        • Why You Might Get a Letter from the IRS, and What to Do
        • How to File an Amended Tax Return
        • Should You Claim the Home Office Deduction?
        • How to Avoid -- And Deal with -- Identify Theft
        • Q & A: IRS Audits
        • Are You Using the Right Business Structure?
        • Starting Planning for 2015 Income Taxes Now: 5 Tips
        • What You Need to Know About Estimated Taxes
        • Contractor or Employee? How the Income Tax Obligations Differ
        • The New Form 1095-A: Reporting Health Insurance Coverage
        • Are Your Social Security Payments Taxable?
        • Do You Qualify for the Earned Income Tax Credit?
        • Are You Eligible for Health Insurance Tax Credits
        • Employee Retirement Plans - Tax Advantages and Other Benefits
        • 5 Business Tax Credits You May Be Missing
        • New Business in 2012
        • Is it a Bad Debt or a Simple Revenue Loss? Telling the Difference
        • Business Taxes Add Complexity: How Will This Affect You?
      • Tax Scams