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Topic: Coverdell Educational Savings Account

Ten Tips for Taxpayers with Tots and Teens

 

With tax season fast approaching the IRS would like to ensure you have the best information available to make informed decisions on tax matters as you prepare your 2010 income tax returns.

Got Kids? They may have an impact on your tax situation. Listed below are the top 10 things the IRS wants you to consider if you have children.

Dependents

In most cases, a child can be claimed as a dependent in the year they were born. For more information see IRS Publication 501, Exemptions, Standard Deduction, and Filing Information

Child Tax Credit

You may be able to take this credit on your tax return for each of your children under age 17. If you do not benefit from the full amount of the Child Tax Credit, you may be eligible for the Additional Child Tax Credit. The Additional Child Tax Credit is a refundable credit and may give you a refund even if you do not owe any tax. For more information see IRS Publication 972, Child Tax Credit. «Read the rest of this article»

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