Loading...
Browsing Tag

take filing season

Tax Filing Season: 8 Tax Credits for Parents

As you prepare to file your taxes and consider all the recent changes associated with the new healthcare law, make sure you do your own research and check with their tax preparers to make sure they are up to speed.
In the meantime, we thought we’d re-share a past post highlighting some of the tax credits people with children can take advantage of as  you prepare to file your 2014 taxes.
1. Child/dependent care credit – This one depends on your income. But if you have one child, you can get a credit of 20 to 40 percent of up to $3,000 of childcare expenses; that goes up to $6,000 if you have two or more children. The amount of the credit changes along with your family’s adjusted gross income.
2. The child tax credit  – This gives you a $1,000 per qualifying child. That means $1,000 right off your tax bill. The catch: Your modified adjusted gross income has to be less than $110,000 for a married couple filing jointly.



3. Earned income tax  credit – This is a credit for working families subject to income limitations – ie, if you make a high salary you probably won’t get it. The EITC is a refundable credit, which means that even if it exceeds the taxes you owe, you still get money back. This isn’t only for families with kids, but children make you more likely to qualify.

4. The American opportunity credit – This is an education credit of up to $2,500 (subject of income limits) for folks with dependants in college. It can offset tuition (not books or meals) for a student in a degree program, for up to four years. Up to 40 percent of this credit is refundable – that means you get it even if it exceeds your tax burden.
5. The lifetime learning credit –This one is up to $2,000 per tax return. There’s no limit on the number of years you can take it, and you do not need to be in degree program. You can’t take it along with the American opportunity credit, though, and it’s not refundable.
Save 15% on all orders at DiaperDude.com with promo code DDLS15!
(Valid until 3/31/14)
6. Pay your child a salary – If you have your own business, pay your children and write their salary off as an expense. They get taxed at their tax rate, so it’s a savings for the family. Yes, you can do this.  There are a bunch of rules, though – the kid actually has to work, for instance; and no, you can’t send them to the coal mines – so check out some websites before you put Junior on the job.
7. The adoption expense credit –The adoption expense credit. This one is up to $13,360 for the 2011 tax year. It phases out when family income hits $185,000.
8. Student loan deduction – Student loan deduction. You can deduct student loan interest up to $2500 a year if the annual gross income for joint filers is under $150,000.

post signature

Batman138 Bro138 Dolar138 Gas138 Gudang138 Hoki99 Ligaciputra Panen77 Zeus138 Kilat77 Planet88 Gaspol168 Sikat88 Rupiah138 Garuda138 Gacor77 Roma77 Sensa138 Panen138 Slot138 Gaco88 Elanggame Candy99 Cair77 Max7 Best188 Space77 Sky77 Luxury777 Maxwin138 Bosswin168 Cocol88 Slot5000 Babe138 Luxury138 Jet77 Bonanza138 Bos88 Aquaslot Taktik88 Lord88 Indobet Slot69 Paus138 Tiktok88 Panengg Bingo4d Stars77 77dragon Warung168 Receh88 Online138 Tambang88 Asia77 Klik4d Bdslot88 Gajah138 Bigwin138 Markas138 Yuk69 Emas168 Key4d Harta138  Gopek178 Imbaslot Imbajp Deluna4d Luxury333 Pentaslot Luxury111 Cair77 Gboslot Pandora188 Olxtoto Slotvip Eslot Kuy138 Imbagacor Bimabet