You're over the moon in love with your wee one, but you might have three more reasons to adore her. If your family income is considered low or moderate, you may qualify for three tax credits thanks to baby.
The IRS outlines the following credits: To see what they are,
- Child Tax Credit – If your child is under 17, you may qualify for the Child Tax Credit. Check the guidelines to see if you are eligible.
- Education Credits – There are two types of tax credits that fall under this category. The Hope Credit and the Lifetime Learning Credit can be deducted in full from the federal income tax, not just from taxable income.
- Child Care Expense Credit – If you have a caretaker for a child under 13–years–old, you might be able to take the Child Care Expense Credit.
Tax season is upon us and while it's no fun filling out the forms, it might be a tad less painful if you know how to save a buck or two. Thank you baby!