With IRS rules changing year-to-year, parents need to stay educated in able to take child tax credits and dependent tax deductions for families. Tax credits are especially helpful, as the money from a credit is taken off the taxes due, after figuring all other deductions.
Tax Deductions and Exemptions for Parents
A tax professional should be aware of all ways to legally cut taxes, however parents should be informed whether working with a tax expert or alone. Following are a few of the ways having children can help keep federal income taxes as low as possible.
1. Dependent Exemptions:
If a taxpayer's dependent child is 18 years old or younger, (or a full-time student aged 23 years or less for at least part of the tax year) a $3,650 dependent exemption can be claimed for each child. Filers should check for income limits and other rules that may affect eligibility. In most cases, it is important that a child being listed is not claimed as a dependent elsewhere.
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