While the 2014 income tax season has already begun, be sure to keep these tax breaks in mind if you are a parent:
- Dependents – You may be able to claim your child as a dependent, earning you a $3,950 deduction for each person you can claim as a dependent.
- Child Tax Credit – If you have a child that is under the age of 17, you may be able to claim up to $1,000 per child under the child tax credit. If you are unable to maximize the credit at $1,000, you may be able to claim the additional child tax credit.
- Child and Dependent Care Credit – If you paid someone to care for your child while you worked or looked for work, such as daycare, you may be able to claim a credit for those expenses.
- Earned Income Tax Credit – If you meet certain household and income guidelines, you may be able get a larger tax refund by claiming the earned income tax credit.
- Adoption Credit – If you adopted a child, you may be able to deduct some of those costs.
- Education Tax Credit – If you or your dependent attended school and incurred expenses because of that education, you may be able to deduct some of the costs of the education.
- Student Loan Interest – If you or your dependent had a student loan and you paid interest on those loans, you may be able to deduct a portion of the interest paid.
- Self-Employed Health Insurance Deduction – If you were self-employed and paid for your own health insurance, you may be able to deduct a portion of the premiums you paid.