Update for fiscal year 2015
Do you have children?
Although your little bundle of joy all faucets in your pocket book throughout the year, but during tax time, they can help you put money in your pockets.
According to the US Department of Agriculture, it will cost an average family income of about $ 226,920 to raise a child born in 2010 by age 17.
Fortunately, the cost per child decreases for additional children and maybe less depending on your cost of living.
as well, the more children you have, the higher your tax savings. Uncle Sam offers several tax benefits family-oriented. Determine which ones you qualify for can be confusing because of the rules on filing status, itemized deductions and income levels.
Whether you do your own taxes or hire a professional, it's good to have a general idea of which tax relief is available. If you are not eligible this year, you can in the future
Here are several popular credits and deductions for children and families available you need to know :.
Earned Income Tax Credit
Each year, millions of taxpayers who qualify do not claim the Earned Income Tax Credit.
families earning less than $ 53,267 in 2015 can receive this credit worth up to $ 6,242, depending on income level and the number of eligible children.
If the credit eliminates tax due, you may receive the remaining amount as reimbursement. Married taxpayers must file joint returns.
children and dependent credit halts
If you pay for child care under 13 years so you (and your spouse) can work, find work or go at school, you may be eligible for the child and persons credit load.
Examples of care include nursery school, preschool, before and after school, day camps (no night) and nanny care home. The credit is worth 20 to 35 percent of your expenses, depending on your adjusted gross income, up to $ 3,000 for one dependent or $ 6,000 for two or more dependents, but gradually levels higher incomes.
tax credit for children
The child tax credit is worth up to $ 1,000 per qualifying child if your modified AGI is less than 2015 $ 110,000 on joint statements, $ 55,000 on married filing separate returns or $ 75,000 for the other filing statuses.
If you receive less than the full amount because the credit eliminates your tax bill, you may qualify for the tax credit refundable for additional children.
medical and dental costs
If your medical and dental outstanding family expenditure in 2015 exceeds 10% of adjusted gross income (AGI), you can claim the amount exceeding 10% as a itemized deduction.
For fiscal years beginning after December 31, 2012, you can deduct only the amount of your total medical expenses that exceed 10% of your adjusted gross income or 7.5% if you or your spouse age 65 or more. The limitation of 7.5% is a temporary exemption from 1 January 2013 to 31 December 2016 for those 65 and older and their spouses.
The expenses must be for the diagnosis, cure, mitigation, treatment or prevention of disease, or treatment.
premiums for medical, dental and some long-term care and transportation insurance primarily for and essential to medical care may also be eligible. Only prescription drugs and insulin are eligible.
Adoption of credit
The adoption credit will cover up to $ 13,10 in adoption expenses for 2015 depending on your income.
The costs include court costs, adoption agency fees, legal fees and travel. The credit is not refundable for 2015, which means it's limited to your tax liability for the year, and your return and documents related to the adoption must be mailed to the IRS.
Alimony Alimony or Return
If you paid alimony or child support in cash during 2015, you can deduct that amount even if you ask the standard deduction.
colonies of property, alimony, and fixed support payments are not deductible.
If you received alimony, the IRS considers that taxable income; However, child support received are not taxed.
eligible tuition Programs and Coverdell education savings accounts
Some education savings plans offer tax advantages.
A portion of distributions and gains of qualified tuition programs and Coverdell education savings accounts for education expenses are generally tax free.
again, to $ 2,000 of annual contributions to Coverdell savings accounts are tax free depending on your income level.
Student loan interest deduction
Have children to college? If you claim them as dependents, you may qualify to deduct interest on student loans, American Opportunity Credit or Lifetime Learning Credit
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