Tax Breaks and Kiddos
Kids cost a lot of money and take a lot time. Millington and Co. CPA’s can get you some of both back at tax time!
Children (that includes your college kid) can provide some great tax credits including:
Child Tax Credit: $2,000 per child under age 17.
Credit for Other Dependents: $500 per qualifying dependent – which may include your college kid.
Child and Dependent Care Credits – Get up to 35% of your childcare costs back as a credit at tax time.
Education credits – College is an expensive time, especially for the parent. See which education credits you may qualify for to help offset those tuition bills.
But please, don’t waste your time navigating the IRS website or answering TurboTax questions trying to decipher which credit you qualify for or which expenses you can use. Let Millington and Co. CPA’s find you some great credits and you save your time for baseball practice and homework.
You never know, that tax credit may pay for some more piano lessons, summer camp, or college textbooks…or a night out on the town for mom and dad!