In our society we have had an unfortunate shift in the house dynamic...In 1947 the mean house was 2 parents and 2 children. Now that statistic has shifted dramatically, and more families are getting by with half as many parents.
With this becoming so tasteless those parents have it much harder not only having to be one parent, but both. If you are struggling in this situation yourself, rest assured there are people who respect you and look up to you. Those people contain myself, and I have included some tax due and deductions that could help make the discrepancy and growth the value of your refund. Every microscopic bit helps, and we at Online Tax Pros hope it helps you out this tax season!
Irs 1040 Es
Education Tax Credits: These two due can't be claimed by any one person, but they are good for if you have a custody business agreement to give one to each parent. The first is the Lifetime studying Credit. This prestige gives you a maximum of ,000 for tuition fees and up to ,000 for students in disaster areas of the Midwest. You can claim this prestige every year your child is enrolled in undergraduate and graduate college programs.
Next, the Hope prestige only applies to the first two years of college or technical education courses. This prestige is valued at ,800 per trainee for parents or college-enrolled dependents, and the value increases to ,600 if you're in the Midwestern disaster areas as with the Lifetime studying Credit.
Adoption Credit: You may be able to take a tax prestige for qualifying expenses paid to adopt an eligible child. If you claim the adoption credit, you must file a paper tax return with required adoption-related documents.
Child Tax Credit: This ,000 tax prestige is ready for each child in the cases of most single parents. However, if the household wage is more than ,000 and the filing status is single, qualifying widow(er) or head of household, the prestige decreases in value. Only the parents with former custody get to take benefit of this credit, but if there is a shared-custody agreement, it's up to the parents' discretion how they can whether alternate or let one parent have it each year.
Child Care Credit: It's hard to watch your kids all the time. The Internal wage aid knows this, and has put forth a prestige that allows you some help and not make every day "take your child to work day." You have to contain the name and tax identification number for the child care victualer at the time of filing. This prestige allows you to claim ,000 on one child, and up to ,000 for two or more children. This is completed on Irs form 2441 and attached to your 1040 tax return.
Earned wage Tax Credit: This prestige was created to help families in lower wage brackets. You're roughly guaranteed a refund if your taxes owed are less than the Earned wage Tax Credit.
According to irs.gov, the values for 2012 are as follows:
Earned wage and adjusted gross wage (Agi) must each be less than:
,060 (,270 married filing jointly) with three or more qualifying children
,952 (,162 married filing jointly) with two qualifying children
,920 (,130 married filing jointly) with one qualifying child
,980 (,190 married filing jointly) with no qualifying children
Tax Year 2012 maximum credit:
,891 with three or more qualifying children
,236 with two qualifying children
,169 with one qualifying child
5 with no qualifying children
Investment wage must be ,200 or less for the year.
Claiming College Students as Dependents: When your kids go off to college, you can still continue claiming your child as a dependent as long as they are enrolled full-time. Keep in mind though that if your children are working as well as going to a University, they can't claim an exemption on themselves if you have already claimed them with this deduction.
Hopefully these due and deductions will give you a big refund. In these hectic times you can always e-file with Online Tax Pros and get your taxes taken care of online from home. This will allow you to get your refund directly deposited in your bank inventory for your disposal. You by all means; of course deserve it for all the hard work you do to take care of your children.
my sources Tax Deductible due and Deductions for single Parents
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