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2021 Child Tax Credit Top 7 Requirements & Tax Calculator
The Child Tax Credit can significantly reduce your tax bill if you meet all seven requirements: 1. age, 2. relationship, 3. support, 4. dependent status, 5. citizenship, 6. length of residency and 7. family income. You and/or your child must pass all seven to claim this tax credit. Use our child tax credit calculator to determine your eligibility for tax year 2020 or tax year 2021. Read more…

Rules for Claiming a Dependent on Your Tax Return
Claiming dependents can help you save thousands of dollars on your taxes. Yet many of us are not aware of who in our family may qualify as our dependent. Review the rules for claiming dependents here for a qualifying child or relative. Read more…

Deducting Summer Camps and Daycare with the Child and Dependent Care Credit
If you paid a daycare center, babysitter, summer camp, or other care provider to care for a qualifying child under age 13 or a disabled dependent of any age, you may qualify for a tax credit of up to 35 percent of qualifying expenses of $3,000 ($1,050) for one child or dependent, or up to $6,000 ($2,100) for two or more children or dependents for tax year 2020, but under the American Rescue Plan the credit for child care will be increased for tax year 2021 only (the taxes you file in 2022). Read more…

Tax Deductions for Funeral Expenses
If you paid for funeral expenses during the tax year, you may wonder whether you can deduct these costs on your federal income tax return. According to IRS regulations, most individuals will not qualify to claim a deduction for these expenses. However, an estate might be able to deduct these and other types of expenses. Read more…

What Are Dependents?
Come tax season, even one dependent can really reduce the amount of your income subject to tax. Sounds good, right? Well hold on, the IRS requires that both you and the dependent meet all eligibility criteria before claiming the exemption. Here's how to find out if you're eligible. Read more…

More Family Articles

Tax Filing Requirements for Children Death in the Family How to Itemize Taxes When Claiming Dependents Child Tax Credit At What Income Does a Minor Have to File an Income Tax Return? New Addition: Adoption Tax Credits What is the IRS Form 8812? What is the Generation-Skipping Transfer Tax? Navigating Family Trusts and Taxes Video: Tax Tips for a New Baby Video: What is IRS Form 2441? Child and Dependent Care Expenses Video: Tax Filing Requirements for Children Video: How to File a Tax Return with Adult Dependents Claiming a Non-Citizen Spouse and Children on Your Taxes Birth of a Child The Dirty Dozen: 12 Tricky Tax Dependent Dilemmas Dependent Tax Deductions and Credits: Tax Exemptions, Deductions and Credits for Families Video: How to Prove Head of Household for the IRS Video: Tax Credits for Disabled Dependents Tax Counseling for Seniors and the Elderly Sending Kids to College How Do I Claim Someone as a Dependent on Taxes? Information on 529 Plans Sweet Child of Mine: Tax Credits for Parents What Is IRS Form 8839: Qualified Adoption Expenses? Video: What Are Dependents? What Happens When Both Parents Claim a Child on a Tax Return? Can I Claim a Boyfriend/Girlfriend as a Dependent on Income Taxes? Video: What Is a 529 Plan Contribution? Video: Who You Can Claim as a Dependent on Your Tax Return Tax Deductible Pregnancy Medical Expenses Guide to Filing Taxes as Head of Household Video: Child Care Tax Credits Video: Claiming Dependents on Your 2010 Tax Return Video: What's the Child Tax Credit—How Do I Qualify? What is Form 8332: Release/Revocation of Release of Claim to Exemption for Child by Custodial Parent Video: Tax Credits When Adopting a Child The Ins and Outs of the Child and Dependent Care Tax Credit Steps to Claiming an Elderly Parent as a Dependent Filing Tax Form 2441: Child and Dependent Care Expenses 5 Tax Tips for Single Parents 5 Tax Tips for Single Moms 8 Money-Saving Tax Tips for Parents Tax Tips When Sending Kids to Private or Public Schools What is the Additional Child Tax Credit? Tax Tips for Single Dads Should I Include a Dependent's Income on My Tax Return? What is IRS Form 8615: Tax for Certain Children Who Have Unearned Income Claiming a Domestic Partner as a Dependent What Is a Personal Representative for Taxes? Cash for College: Tax-Free 529 Plans

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