Tax Law

Claiming a dependent child for tax purposes is a simple procedure. It is beneficial to do as it affords you tax benefits not available to those without children. It increases your number of...

Taxpayers who support a child or relative for six months or more can reduce their taxable income. Five common deductions add up to more than $10,000. Filers claim the deductions on Form 1040 and...

The U.S. Government Accountability Office (GAO) reported in 2009 that in comparison with their male counterparts, women earned 75 cents on the dollar. This puts single moms at a distinct...

The earned income credit helps workers, especially those caring for children, keep more of their money. The credit is targeted at wage and salary earners not earning investment income, and who...

Kids are expensive, but they also save money on taxes. If you have minor children, you can take advantage of several tax benefits including dependency exemptions, credits, adjustments to income,...

Children are expensive, but come tax preparation time, those little angels can save you a pretty penny or two on your tax bill. In addition to claiming a standard exemption for your dependents,...

The Child and Dependent Care Tax Credit (CDCTC) originally went into effect in 1956. The purpose of this act was to help qualifying families recover some of the costs of child care at tax time. ...

The Internal Revenue Service allows for an exemption credit for each dependent the taxpayer can claim. The credit is a dollar amount, which directly lowers your taxable income and decreases your...

There are many misconceptions pertaining to the tax consequences of giving a gift to a child. The most common is that the giver (a parent) is entitled to make a tax deduction of at least a portion...

Not so long ago, parents only had to worry about finding quality child care, not about the tax implications of each type of child-care situation. These days parents need to be aware of the tax...

According to the IRS, the Child Tax Credit can reduce the amount of taxes which you owe by up to $1,000 per child. Eligibility for the Child Tax Credit is determined by five basic tests: age,...

The Child Tax Credit is a dollar-for-dollar reduction in the income tax owed by parents. Each qualifying child under 17 years old can reduce the parent's tax by up to $1,000. The credit is claimed...

Raising children is expensive, but at least the kids save you money on taxes. The Internal Revenue Service (IRS) provides numerous tax benefits for taxpayers with children, including dependency...

This article explains the rules and part of the process for recieving Earned Income Credit on your taxes

With the Child Tax Credit, you can reduce your federal tax bill by $1,000 for every "qualifying child." To be eligible for the credit, the taxpayer and the child must meet a series of...

Taxable income, not age, is what determines when a child needs to file taxes. If the child is old enough to file his own tax, then he is also responsible for paying taxes that are due. However, if...

The simple answer to the question of whether or not you can deduct your child support from your income tax is no. As a general rule, the Internal Revenue Service (IRS) does not allow you to deduct...

The Head of Household filing status is designed for individuals who are unmarried or "considered unmarried" and who are paying a majority of the costs for taking care of a dependent. This filing...

Filing status is one of the first questions asked on an individual tax return, and Head of Household is one of five options, along with Single, Married, Married Filing Separately and Widow(er)...

The Tax Payer Relief Act of 1997 was a long awaited break for the middle class. The goal was to balance the budget by 2002. It provided relief in a number of areas through tax breaks.

It is a tragedy to need to claim a deceased child on your tax return. The death of a child is a hardship to parents, relatives and friends. It is, however, a comfort to know that the IRS has made...

Unlike a tax deduction, which lowers the amount of income on which taxes are assessed, a tax credit is a direct reduction in total tax liability. The child tax credit is specifically aimed at...

Taxes are an inescapable fact of life. No one likes to pay them, but a smart person knows ways to shave off costs from the overall tax bill. Knowing how to do this is like hitting a moving target,...