Ways that kids can save you money on your taxes
Taxes: Children
The TDS Library
When it comes to income, the IRS generally wants its cut regardless of the earner's age. But some special tax rules apply to young workers, based not only on age, but also on amount of money earned and even the type of job.
The Tax Joys of ParenthoodA growing family makes you eligible for a variety of tax savings. Here are some common tax matters every new and experienced mom and dad need to consider.
Kiddie Tax Rules for Child's Income
Changes in young investors' income may mean higher taxes, and may also cost parents.
IRS Can Help You Look After the KidsMost working parents are well aware they get a tax break to help cover the costs of sending Jimmy or Janie to day care. But some parents overlook the tax advantage of summer day camp costs.
Uncle Sam Can Help Pay Some Adoption Costs
Happy Smiling Kids photo from Shutterstock
Raising kids is expensive. And if you're trying to adopt, it can cost you even more. But there is tax help available. Parents can claim a tax credit that covers some adoption expenses.
Can I Claim 24-year-old Son as Dependent?Is he a student? Does he work? Use these guidelines to determine if he is a qualifying child or at least a qualifying relative.
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It used to be easy to transfer assets to your grandkids and shift the tax burden to them, too. Over the years, the benefit of income shifting has diminished. However, it is still a great way to establish savings for your grandchildren and also get appreciating assets out of your estate. Here is what needs to happen with minor children.
Is 19-Year-Old Still a Dependent?Find out how to determine if your adult child can be claimed as a dependent.
