Starting a Family Tax Solutions
Starting a Family
Kids are expensive! Luckily the government has included some fantastic ways to reduce your taxes. These benefits have changed drastically over the last few years, so be sure to discuss all of the changes and new potential tax savings with your tax guru.
If you are single and you provide more than half of the cost of your child’shome, then you may be able to change your filing status to head of household. That would give you a bigger standard deduction and allow you to pay tax at a lower rate.
Employer tax withholding
An extra dependent can lower your tax bill. Avoid overpaying the government and ask your employer to file a new W-4 form. Click here to link directly to the IRS’s new withholding tax calculator app to make sure that you are maximizing your take home pay. The app can be confusing, so work with your tax advisor if you have questions on how to properly fill out these new forms.
Child Tax Credit
Earned Income Credit
Child Care Credit
Child career imbursement account
While these are the most common ways to experience tax savings for your new and growing family, there are also additional creative tax benefits that might be available to you in limited circumstances. Be sure to talk to your accountant frequently to make sure that you are benefiting from all of the tax benefits that you are eligible for.
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