Posts Tagged ‘Dependents’

Tax Breaks for Grandparents Raising a Grandchild

by P. Lewis Robinson
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Nov
13

1.    Head of household filing status,

2.    Exemption for the child,

3.    Earned income credit (EIC),

4.    Child tax credit (CTC),

5.    Credit for child and dependent care expenses,

6.    Credits or deductions for qualified education expense, and

7.    Deductions for medical and dental expenses.

Head of household filing status

An individual who is considered unmarried and has a qualifying child may be eligible to use head of household as his or her filing status. It generally is more favorable than the single filing status. (more…)

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Ten Tax Topics for Taxpayers with Tots & Teens

by P. Lewis Robinson
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Jan
13

 Got Kids? They may have an impact on your tax situation. Listed below are the top 10 things the IRS wants you to consider if you have children.

  1. Dependents In most cases, a child can be claimed as a dependent in the year they were born. For more information see IRS Publication 501, Exemptions, Standard Deduction, and Filing Information.
  2. Child Tax Credit You may be able to take this credit on your tax return for each of your children under age 17. If you do not benefit from the full amount of the Child Tax Credit, you may be eligible for the Additional Child Tax Credit. The Additional Child Tax Credit is a refundable credit and may give you a refund even if you do not owe any tax. For more information see IRS Publication 972, Child Tax Credit. (more…)
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