Income Tax Issues for Families
Taxes! Taxes! Taxes! Tax preparation can be particularly stressful for busy parents. Here's some professional advice to guide you through the reams of information on taxes.
Tax Outlook Improved for Families
Robert Troyano, CPA, with Edwards and Troyano, LLC, in Saddle Brook, New Jersey, suggests that the tax picture has improved for parents in recent years.
“Parents with children in college are entitled to larger education credits [since 2003], as the Lifetime Learning Credit was increased to a maximum of $2,000 compared with $1,000 previously. In addition, parents with little ones can get a credit [that's more than years past],” says Troyano.
“If you didn’t receive a child credit check back in July, you may still be eligible to receive the benefit when you file your return,” Troyano says.
Beyond just getting tax credits, Rosenberg adds that you want to make sure that you are not inadvertently paying too much, either.
“If you had more than one job, remember to see if you overpaid your
disability withholding. You can get the extra money back from your state,” she says.
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