Uncategorized Extension Filers Don’t Forget Your Little Bundle Can Save You a Bundle Read the Article Open Share Drawer Written by Elle Martinez Published Jun 10, 2019 2 min read As the extension deadline for filing taxes is coming up, don’t feel like you have to rush through your paperwork. On the contrary, there are many reasons you want to review everything to help you with taxes. If you are a parent, having a little one (or not so little one), can give you some big tax benefits. You may already know that for 2011 you can deduct $3,700 for each dependent as an exemption on your tax return. However there are a couple more tax credits that all parents should review to save more on your taxes. Dependents Child Tax Credit – $1,000 The Child Tax Credit can be a significant help with reducing your federal taxes. Depending on your income you can claim up to $1,000 per qualifying child. What defines a qualifying child? There are a few criteria that have to be met: Relationship: To claim this credit, biological children, adopted children, step-children, and foster children qualify. Other family members may also qualify. Age: Your child(ren) has to be age 16 or younger at the end of 2011. Support: Your child must not have provided over half of their own support. Residence: Your child must have lived with you over half of the year. Dependent: You have to claim your child as a dependent on your federal taxes. Citizenship: Qualifying children include U.S. citizen, U.S. national, and U.S. resident alien. If you’re using tax software like TurboTax then these factors will be checked as you file your taxes to make sure you get the credit if you qualify. But the Child Tax Credit isn’t the only tax break you should look at. The Child and Dependent Care Tax Credit can also be a big win for you. The Child and Dependent Care Tax Credit If you paid for child care last year, then you may qualify for a tax credit based on your dependent care expenses up to $3,000 for one dependent and up to $6,000 if you are claiming two or more. To qualify you must also identify the person who provided the care for your child. You and your spouse if filing jointly must have earned income. The child care expenses paid should not be given to your spouse or someone claimed as a dependent on your taxes. Thoughts on Children and Tax Credits and Breaks For parents looking at getting their taxes filed, have you looked at the Child Tax Credit and Dependent Care Credit? How much do you qualify for? What credits are you claiming this year? Written by Elle Martinez Elle helps families at Couple Money achieve financial freedom by sharing tips for reducing debt, increase income, and building net worth. Learn how to live on one income and have fun with the second. More from Elle Martinez Visit the website of Elle Martinez. Follow Elle Martinez on Facebook. Follow Elle Martinez on Twitter. Los comentarios están cerrados. Browse Related Articles Planificación de Impuestos ¿Se te pasó la fecha límite para presentar tu declar… Planificación de Impuestos Mañana es la fecha límite para declarar impuestos: ¡… Planificación de Impuestos ¿Ya declaraste tus impuestos? Averigua qué registros … Trabajo por Cuenta Propia ¿Trabajas por cuenta propia? Revisa las fechas límite… Seguros Médicos ¿Cuándo se puede reclamar una deducción tributaria p… Reembolso de Impuestos Qué esperar cuando estas esperando… tu reembolso… Planificación de Impuestos Según el IRS, este año aumentaron los reembolsos de i… Ingresos e Inversiones Amigos con beneficios tributarios: ¿Trabajas desde cas… Deducciones y Créditos de Impuestos Maneras en que los cambios en tu vida pueden ahorrarte … Noticias TurboTax Cerrando la brecha de la educación financiera: Una mir…