- Days left

4 Things New Parents Need to Know About Taxes

×

Babies and taxesBecoming a parent is one of the biggest transformations you'll ever go through. As you consider nursery-room renovations, midnight feedings, diaper changes, and the other challenges of parenthood, probably the last thing on your mind is the impact that having children can have on your income taxes.

Fortunately, when it comes to taxes, the news for parents is generally good.

Here's a brief look at some of the ways that having children can help you save on your tax return.




Motley Fool contributor Dan Caplinger has enjoyed the tax and other benefits of his daughter for seven years. You can follow him on Twitter here.


Increase your money and finance knowledge from home

Getting out of debt

Everyone hates debt. Get out of it.

View Course »

Understanding Credit Scores

Credit scores matter -- learn how to improve your score.

View Course »

TurboTax Articles

What is IRS Form 8917?

If you, your spouse or dependents attended post-secondary school, you may be able to deduct a portion of the tuition and fees by reporting it on IRS Form 8717.

Video: How to Find Your Tax Bracket

Finding the tax bracket you fall into will help you know how much money you have to pay in taxes each year. Find your tax bracket with help from TurboTax in this video clip.

What Is the IRS Form 4562?

If you've purchased property to use in your business, you can deduct a portion of your costs by claiming a depreciation deduction and reporting it on IRS Form 4562.

Add a Comment

*0 / 3000 Character Maximum

2 Comments

Filter by:
ilm9p

Responsible adults typically have two or three children while the dirty animals on welfare sire seven or eight. Reson for the difference, the scum on welfare get it all paid for by the rest of us. The more they sire the more we pay. While responsible adults have to pay for their children, the scum on welfare get everything for free.

June 18 2012 at 4:08 PM Report abuse rate up rate down Reply
Setanta

how silly and awkward !
simply apply for an earned income tax CREDIT the exact same way the ILLEGALS do and CLAIM YOUR DEPENDENTS AND GET A CHECK.
do you think YOU'LL HAVE TO PROVE ANYTHING ? LOL !

June 18 2012 at 3:25 PM Report abuse rate up rate down Reply