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The 5 Tax Benefits of Procreating

Generally the five tax benefits of having children are the: dependency exemption, child tax credit, earned income credit (EIC), child and dependent care credit and head of household filing status. These benefits can be split only when the parents are

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Posted in Child Tax, Children

What is a Qualifying Child for the Child Tax Credit – IRS Publication 972

A qualifying child for the child tax credit is someone who meets the qualifying criteria of seven tests: age, relationship, support, dependent, joint return, citizenship and residence. 1. Age test To qualify, a child must have been under age 17 –

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Posted in Child Tax, Children, Tax Credit

Tax Benefits for Parents

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

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Posted in Dependent, Family, Marriage

Child Tax Credit Facts

The Child Tax Credit is a valuable credit that can significantly reduce your tax liability. Here are 10 important facts from the IRS about this credit and how it may benefit your family. Amount - With the Child Tax Credit,

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Posted in Child Tax, Children

Child and Dependent Care: IRS Publication 503

If you paid someone to care for a child under age 13 or a qualifying spouse or dependent so you could work or look for work, you may be able to reduce your tax by claiming the Child and Dependent

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Posted in Adoption, Child Tax, Children, Dependent
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