Tax credits and deductions parents can take advantage of are now listed and explained on the Internet Tax Connection website.
Aug 17, 2015 — Tax preparation planner Frank Ellis now explains various tax credits and deductions for parents on the Internet Tax Connection website, which are claimed when filing one’s tax returns. Examples include claiming children as dependents. If taxpayers fall within a certain income bracket, they can deduct up to $3,950 per dependent.
Ellis also lists the Child Tax Credit, for those with children under 17. Up to $1,000 per child can be claimed, the author states. Eligibility for the Additional Child Tax Credit and relevant publications are mentioned as well. The Dependent and Child Care Credit is available for those who pay for the care of children under 13, or one or more other people who fall under the qualifications.
The article mentions how one might qualify for the Earned Income Credit, open to people with or without children, and the Credit for Adoption for claiming certain costs of adopting a child. In addition, various tax credits for education are discussed. These include the Lifetime Learning Credit and the American Opportunity Tax Credit. Helping to cover costs of higher education, these are filed on the respective form listed in the article.
Also, IRS.gov offers an Interactive Tax Assistant tool to learn about eligibility.
Other potential tax credits for parents include the ability to deduct interest paid on student loans. Self-employed health insurance can also be deducted. These premium deductions cover yearly expenses and also the cost of covering children under 27. Lastly, the author explains how TurboTax can help identify whether one is eligible for any of the 350 deductions covered and helps taxpayers receive the biggest refund possible.
About Frank Ellis
Frank Ellis is a Traverse City Tax Preparation Planner and published author. He has written tax and finance related articles for eight years and has published over 900 articles on leading financial websites.
Internet Tax Connection
945 East 8th Street Suite A
Traverse City, Michigan 49686