Tax Relief for Parents
Parents of children and those with dependents should keep in mind the tax relief benefits and deductions available to them this tax season. The IRS has issued a brief reminder to all parents to keep these tax relief tips in mind as they file their 2011 taxes:
- Dependents: You can start claiming a child as a dependent the year they are born, so if you gave birth to little bundle in 2011 you can start claiming on your next return (See more information on IRS Publication 501).
- Child Tax Credit: Parents with children under age 17 can take this credit (See more info on IRS publication 972).
- Adoption Credit: If you have adopted a child you may be able to take a tax credit for certain expenses paid during the adoption process of an eligible child (See more information on IRS form 8839).
- Higher Education Credits: If your child is in college the education credit can help to offset the cost. The education credits can help reduce your federal income tax dollar-for-dollar (See IRS Publication 970 for more information).
- Self-Employed Health Insurance Deduction: If you were paying for health insurance coverage for your child under age 27 while self-employed you may be able to deduct any premiums you paid. (For more information visit IRS.gov)
If you are a parent or have dependents you can take advantage of tax relief deductions by staying up to date on tax news. The IRS website at irs.gov is full of incredibly helpful tax tips and news to keep you out of IRS tax problems and away from back taxes.
More Tax Help, IRS News and Tax Relief Tips:
- Tax Relief Deductions Due to Inflation for 2012
- Tax Help: How to Resolve Your Back Taxes & Prevent Tax Problems If You’re Short on Cash This Season
- Tax Resolution Scams on the Rise: How to Avoid Tax Settlement and IRS Debt Relief Scams
- Tax Help News Round Up – IRS Amnesty, New Lien Policies, Smart Tax Apps and More!
- Tax Resolution Tip: Hiring a Tax Expert
Tags: adoption credit, Back Taxes, child tax credit, Dependents, IRS help, parents, tax expenditures, tax relief deductions, tax relief for parents, tax relief tips, Tax Tips, tax tips for parents
