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Tax Tips for a New Baby

These bundles of joy bring bundles of tax savings

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The new addition to your family is likely to be one of the most joyous events in your life. However, it may also be the most expensive.

With the average cost of raising a child increasing rapidly, you'll want to be sure to get a handle on some of the tax benefits of having a baby.

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TurboTax Articles

What is a 1098-E: Student Loan Interest

If you're currently paying off a student loan, you may get Form 1098-E in the mail from each of your lenders. Your lenders have to report how much interest you pay annually. Student loan interest can be deductible on federal tax returns, but receiving a 1098-E doesn't always mean you're eligible to take the deduction.

What is Schedule F: Profit or Loss from Farming

If you earn a living as a self-employed farmer, you may need to include a Schedule F attachment with your tax return to report your profit or loss for the year. The Internal Revenue Service defines ?farmer? in a very broad sense?whether you grow crops, raise livestock, breed fish or operate a ranch.

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