Being a parent is perhaps one of the most important responsibilities in life. And the IRS provides multiple tax deductions for it. Why not lower your taxes and get all of the tax deductions you qualify for, as a parent?
1. Dependents – In most cases, a child can be claimed as a dependent in the year they were born. For more information see 6 Important Facts About Dependents, IRS Publication 501.
2. Child Tax Credit - For each child under 17, you may be able to take this credit on your tax return. For your 2010 tax return, it’s $1,000 per child. For more info, see Child Tax Credit, IRS Publication 972.
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Top 10 Tax Deductions for Parents
January 28th, 2011 at 03:44 pm