Discovering Deductibles: Family Edition
There is a wide variety of information regarding Deductions for families with children, so we encourage you to come into the Hoods Tax & Accounting office in order to have one of our resourceful employees help you understand and find the deductibles you are qualifies for. In the meantime, here are a few general deductions a family with children could be looking toward.
Exemption for Dependents
For the average person, the personal tax expedition is roughly $4,050. Each person within a household can qualify for this exemption and your child can participate in the expedition as well. This deduction will continue until the child turns 19.
Chid Tax Credit
If your income is below $110,000 (Married joint filling) or $75,000 (single), you can claim a chid tax credit of $1,000 per child. You must fill out the chid tax worksheet in IRS Publication 972, Child Tax Credit. If you are having any trouble, Hoods Tax & Accounting is here to help.
Educational Deductions and Credits
If your child has chosen to attend a four-year college program, you can benefit through three different credits. If your child is attending college, you can credit your taxes up to $2,000. If your child decides to attend Graduate school you can apply for the Lifetime Learning Credit of $2,000. Also, student loan interest in deductible up to $2,500.
Medical expenses can be expensive. If you or your child has expenses more than 10% of your adjusted gross income, you can deduct them if you keep all the receipts. Did you know you can even deduct your millage to the doctor at .23 cents per mile?
While it may not be the option for everyone due to the amount of money it costs to adopt a child, those who do can claim up to $13,400 credit for the expenses.
Life is easier when you understand the world of Taxes. At Hoods Tax & Accounting we strive to help you spend less on your taxes and more on fun for your family. Come in today and meet with our staff to learn more!
Write something about yourself. No need to be fancy, just an overview.