Do you have kids? Stay up to date with the tax benefits and deductions you may qualify for. Here a few to consider.
- From the year your child was born in most cases, if under age 19 or under age 24 if he is a full-time student you can claim your child as a dependent on your tax return.
- For each dependent child under the age of 17 you may be eligible for up to $1000 tax credit. If you can’t take the full amount you many qualify for additional child tax credit.
- If you work and have day care expenses and your child is under the age of 13 you may be eligible for a tax credit.
- There is a tax credit for expenses paid to adopt a child. Ask your tax consultant for the correct documents.
- If you are self-employed you may be able to deduct paid health insurance premiums for any child legally claimed as a dependent under the age of 26.
- If you have a depend child in college you may be eligible for an education tax credit.
- Student loan interest is deductible. There are tax guidelines, ask your tax adviser help with this.