Now that it’s tax season, it’s time to consider what tax breaks you as a parent might be able to claim.
1. Childcare tax break
One way to save is to set up a
Dependent Care Flexible Spending Account, or DCFSA, during Open Enrollment. You might be able to save up to 30% in taxes on the money you put toward it.
2. Child care credit
If you did’t sign up for a DCFSA, check out the
Child and Dependent Care Credit when filing your taxes.
3. College savings plans deductions
“Many states offer full or partial tax deductions for parents saving for college in state-sponsored 529 plans.” (“Taxes made easy: 5 breaks for childcare and education.” Jeanie Ahn. Yahoo Finance.)
4. College tax credits
There are two college tax credits that you might be able to gain: the
American Opportunity Tax Credit and The Lifetime Learning Credit.
Read more on these tax credits and deductions here: “Taxes made easy: 5 breaks for childcare and education”.
From mortgage interest to property tax deductions, here are the tax tips you need to get a jump on your returns.
Owning a home can pay off at tax time.
Take advantage of these homeownership-related tax deductions and strategies to lower your tax bill:
Don’t rouse the IRS or pay more taxes than necessary — know the score on each home tax deduction and credit.
As you calculate your tax returns, be careful not to commit any of these nine home-related tax mistakes, which tax pros say are especially common and can cost you money or draw the IRS to your doorstep.
This entry was posted in
Government Laws, Homeowners, Real Estate Advice & Tips and tagged home equity, home-owners, interest, mortgages, tax, tax credit, tax laws, tax return, taxes on . March 24, 2015