September 13, 2014 – Traverse City Tax Preparation Examiner, Frank Ellis, has published a new article regarding the tax credits and deductions parents can claim for their 2014 taxes. With the 2015 tax season ahead, it provides valuable insight for those who may not have the time to research the options themselves. For example, the author discusses the dependent exemption and how much parents are eligible for per child.
Another option explained in the article is the child and dependent care credit. It allows people to claim a credit for children under 13 and spent time in daycare during the previous year. Qualifying factors are listed and one loophole which married couples filing jointly can use. Other available credits include the Earned Income Credit, a refundable tax credit for those with a modified adjusted gross income below $52,000.
In addition, the Child Tax Credit allows taxpayers to reduce or eliminate their tax balance. The nonrefundable credit applies to children under 17 while other factors may phase out the credit. These are explained further by Frank Ellis in the article. The adoption credit is also covered and can be used to offset expenses such as adoption and attorney fees as well as travel and court costs.
A more in-depth look at these credits is provided in the article. The author also highlights TurboTax as a great software tool to answer questions and have automatic access to tax credits one may be eligible for. This and other articles on the site provide information many people are unaware. The options available can lead to significant savings in the form of reduced tax payments and higher refund amounts.
To learn more about IRS tax credits parents can take advantage of, go to http://www.examiner.com/article/tax-saving-credits-and-deductions-for-parents-2014-2015.
About Frank Ellis
Frank Ellis is a Traverse City Tax Preparation Planner and published author. He has written tax and finance related articles for eight years and has published over 800 articles on the Internet.
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