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There are few things more exciting than welcoming a new child into your family, but that also means taking on the added costs that come with being a parent.
Having a new baby in the home can be exhausting, and having the additional weight of less free money at the end of each paycheck can lead to stress for a lot of parents.
Even if your new baby was born on the last minute of the last day of the year, you can claim your child in next years taxes.
There’s another $1,000 tax credit parents receive for every child under the age of 17. If you chose to adopt in 2015 you are eligible to deduct qualified adoption expenses up to $13,400. To make sure you get all these credits, go to a tax professional and mention the items in this list to ensure you qualify for all of them. The tax laws and amounts mentioned above are for the 2015 tax year, which are the taxes you file in April 2016 of course.


Get Edwin’s Money NewsletterSubscribe to Edwin's exclusive MONEY newsletter and join the 895 other people getting MONEY advice in their inbox weekly. Subscribe my MONEY newsletter and get exclusive money tips from my blog network every week! Diapers, formula, baby equipment, and even toys can very quickly put a major drain on your finances.
The good news is that there are several tax credits that may well help ease the financial strain. Add that with your personal exemptions and you’re up to a $24,600 reduction of your taxable income. Keep in mind though that to qualify, your income must be less than $44,651 if you have one child. For a couple filing jointly with one child, you must earn between $9,666 and $110,000 to get the full credit.


You are allowed to deduct family health care expenses that exceed 7.5 percent of your income.
For example, if your adjusted gross income is $70,000, you can deduct any medical expenses over $5,250 or 7.5% of your income.
You won’t have to worry about adding these credits in yourself, as the program should automatically fill them in for you.
Since starting this blog in 2010 I've posted hundreds of simple ways to save money and I've got hundreds more up my sleeve. So if you had $6,500 in medical expenses you would have a deduction of $6,500 – $5,250 = $1,250.



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Comments

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