It is always a good time to begin thinking about the deductions you may be qualified for come tax season. This is especially so when it comes to having a family. Today, we wanted to go over deductions you may qualify for if you have a family.
If you have a dependent, you may qualify for dependency exemptions on your taxes. This may include food, clothes, and other basic necessities. If your child has just recently been born, they are still qualified for this exemption.
If you have recently adopted a child into your family, there is such a thing called an adoption credit. Everyone knows how expensive adoption is, so this credit is really helpful when it comes to the expenses of the process.
Ensure when you file your taxes, you file with the correct status. Whether it be married joint, married separate, widow, or single, it is important to appropriately represent yourself to the IRS.
Education and Taxes
There is such a thing as the American Opportunity Credit and can be used by families who are sending their children to school. If you qualify, you may be eligible for 25% cash back on a sum of money spent on education. This includes tuition, books, etc. If you do not qualify for the American Opportunity Credit, there are more options available.
These are only but a few deductions possible for families. If you wanna learn more or have questions, please feel free to contact us at Hoods Tax and Accounting. We would love to hear from you and see if we can get you qualified for tax deductions.
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