The 2023 tax season has officially begun and taxpayers around the country continue to get ready.

Other Tac Credits And Tax Deductions Parents Can Enjoy This Tax Season (PHOTO: MARCA)

Tax Season 2023

Here are some tax relief, benefits, and incentives to help you save money at tax time. For those that have children, there are many ways to claim benefits or not pay taxes thanks to their kids, specifically those that became parents for the first time during this past year.

According to tax professionals, as tax season only just kicked off, it’s a good idea to gather as much information as possible now so you’re not scrambling as the April 18 deadline creeps up.

Here Are Tax Credits And Deductions’ Parents Guide

• Child Tax Credit and Earned Income Tax Credit

The Child Tax Credit is the most common one of them, this year is worth $2,000, but for instance, the Earned Income Tax Credit helps those with low to moderate income by decreasing their taxes, this even allows them to get a refund, as it could lower your taxes to below zero.

• Adoption Tax Credit

Families that were involved in the adoption process last year, may be able to qualify for a credit of up to$ 14,890 for adoption-related expenses you incurred per child. This may contain adoption-related adoption fees, attorney fees, traveling expenses, and more.

The expenses that can be claimed are court costs and legal fees, adoption fees, travel expenses like food and housing during travel for adoption-related issues, and other expenses directly involved in an adoption.

• Head of Household

Being the Head of Household means that unmarried or single-parent taxpayers that are housing and supporting a qualifying individual, due to them being supporting and housing their couple.

This implies you’ll be able to claim a $19,400 standard deduction instead a $12,950 standard deduction for single filers without dependents. Additionally, there are also separate, more advantageous tax brackets for heads of households. Significantly, the IRS won’t automatically determine that you’re a single parent and thereby qualify for head-of-household status. You must manually check a box yourself or notify your tax preparer.

If you’re married and cover more than half of your child’s expenses, you would also be considered a head of the household but only if you file separately from your spouse.

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