Recently in Category - Kids & Money
What Is A Qualifying Child?
The Working Families Relief Act of 2004 created a standard definition of a qualifying child to be used for tax purposes. The definition has 4 main requirements to consider.
Earned Income Credit
The earned income credit is available to many taxpayers who have low to moderate income. This tax credit will effectively lower your taxable income and increase your potential for a tax refund.
Change In The 2006 'Kiddie Tax'
The 'kiddie tax' has been changed to apply to all children under the age of 18. It previously only applied to children under the age of 14. Therefore, for children under 18, all unearned income greater than $1,700 will be taxes at the parent's top tax rate.
Education Tax Credits: Hope Credit & Lifetime Learning Credit
The Hope Credit and the Lifetime Learning credits are 2 types of tax credits that can reduce your tax liability and save you money.
Dependent Care Credit Helps With Daycare Or A Nanny
The Dependent Care Credit - also known as the Childcare Credit - is one way for working adults to save money on their tax return.
