| Did you know you can get multiple tax breaks for | | | | of one of your dependents to give you the ability to |
| having a child? Child care is just one of many tax | | | | work. Claiming this money against your income |
| credits you qualify for when you are the parent of a | | | | reduces your federal income, which will qualify you |
| minor. You should think about child care tax credits all | | | | for more returns of your taxes. This applies to any |
| throughout the year, not just at tax time. You could | | | | child under the age of thirteen. They, of course, have |
| save a bundle on your taxes because of child care | | | | to be your dependent. You will receive a credit based |
| taxes. Many parents forget about their tax rights and | | | | on a percentage of the overall cost of the child care |
| these items go unclaimed. | | | | you are claiming. If your employer gives you a |
| The first child care credit you should claim is the child | | | | benefit to cover the cost of child care, this will be |
| tax credit. Just about everyone qualifies for this tax | | | | subtracted from the amount of your total cost for |
| credit. If the income you have after adjustments is | | | | child care that you claim on your tax return. |
| over $75,000 for a single filer or $110,000 for a | | | | The final tax credit not all taxpayers will qualify for. It |
| married couple, you will not qualify for this credit. This | | | | is only for those who are in the lower income |
| is a one thousand dollar credit that you will receive | | | | brackets. This is the Earned Income Tax Credit. This |
| for each child you are responsible for. This does not | | | | is a credit that is best calculated by your tax |
| just apply to your immediate children. If you are the | | | | professional, because the upper income limit varies |
| caregiver for a grandchild, step child, or even an | | | | from year to year and sometimes with enough |
| adopted child, you could qualify for the child tax | | | | deductions, you will qualify even if you do not think |
| credit. To determine whether or not you qualify, first, | | | | that you will. This is a large credit and is designed to |
| consider if the child is your dependent. Then, consider | | | | help improve the standard of living for those in the |
| whether or not you provide over half of their child | | | | lower income tax brackets. |
| car expenses, including food, clothing and other | | | | Taking advantage of the three major credits you can |
| expenses. Finally, if the child will be sixteen at the end | | | | receive for your dependents makes your income tax |
| of the tax year and no one else claims the child on | | | | return much more exciting. Be sure to talk to your |
| their taxes, you qualify for the one thousand dollar | | | | tax preparation professional about the tax credits |
| credit. | | | | you qualify for. Children are expensive and you might |
| Next, consider the depended and child care tax credit. | | | | as well get the credits that are deserved you! |
| This is a credit for any money you paid for child care | | | | |