• The Tax Impact as Your Children Grow Up – Prepare now for potential income tax hits

    The Tax Impact as Your Children Grow Up – Prepare now for potential income tax hits

    The Tax Impact as Your Children Grow Up – Prepare now for potential income tax hits As your children age, you can easily be surprised by a larger tax bill. To help ease the possible burden, here are some possible tax hits to prepare for as your children age A higher tax bill in your future At age 13: loss of your Dependent Care Credit. If your children are in daycare and you offset some of this cost with the Dependent Care Credit you will lose this benefit when they reach age 13. The impact: a credit against up to $6,000

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  • The IRS Grilling – IRS applies more scrutiny to child-related tax credits

    The IRS Grilling – IRS applies more scrutiny to child-related tax credits

    The IRS Grilling – IRS applies more scrutiny to child-related tax credits Get ready to answer additional questions this year if you claim some tax credits related to children and college costs Get ready to answer additional questions this year if you claim some tax credits related to children and college costs. You may already be familiar with the additional questions and documentation required when you use the Earned Income Tax Credit (EIC). Starting this year, the IRS is applying the same level of scrutiny to three more credits: Child Tax Credit (CTC) Additional Child Tax Credit (ACTC) American Opportunity

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