If you have dependent children or financially support a student, you may be able to reduce your tax burden through these tax benefits:
- The standard dependent exemption is worth up to $4,000 for the 2015 tax year if your income falls within certain limits.
- Some taxpayers can claim the Child Tax Credit, worth up to $1,000 for each child under age 17.
- You may be able to claim a credit for childcare expenses for children under 13 (or other dependents that meet IRS requirements).
- If you adopted a child last year, you may be eligible for a tax credit for certain adoption costs.
- If you are paying for the education of a student, you may be able to take advantage of certain tax credits. You may also be able to deduct interest on qualified student loans.
For more information on deductions and exemptions for children and dependents, visit IRS.gov or speak with your qualified tax professional. If you need help finding a qualified tax professional, please contact our office.