2012 Tax Breaks for Parents
As a parent, take advantage of the Federal Tax Benefits to which you are entitled.
For tax year 2012, these include:
1) Basic Exemption. Deduct $3,800. for each dependent child under age 19 (under 24 for full-time students: any age if disabled).
2) Child Tax Credit. Take up to $1,000. per child off your taxes if you have children under 17. (Note: a tax credit is deducted from your tax, not your income.)
3) Child Care Credit. Take a credit of up to $3,000 ($6,000 for two or more qualifying dependents) for day care or babysitter services.
4) Educational Tax Credits. Take a credit of up to $2,500 for undergraduate college education expenses under the American Opportunity Act.
5) Deductions on Education-Related Interest. Deduct up to $2,500 of interest paid on education-related loans.
6) Adoption Credit. Take a tax credit of up to $12,650 if you adopted a child in 2012.
This is only a partial list. Tax issues can be complex, and there may be income and other qualifying limits. Consult with your tax professional before you act.
Any (real estate) questions... Any Time Call/text me! Doris Halko at (315) 671-3636 or cell 278-1976
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