- Days left

8 Ways Parents Can Cut Their Taxes and Smooth the Process

×
Parenting should be about the squeals on Christmas morning, turkeys drawn from hand tracings, and off-key singing in the back seat of the car, not potentially annoying or costly issues at tax time. With a big hat tip to the folks at IRS.gov, here are eight tax tips for parents:



You can follow Motley Fool contributor Selena Maranjian on Twitter @SelenaMaranjian.

Increase your money and finance knowledge from home

Economics 101

Intro to economics. But fun.

View Course »

Banking Services 101

Understand your bank's services, and how to get the most from them

View Course »

TurboTax Articles

8 Things You Think Are Tax Deductible That Aren't

There?s a fine line between looking to save money on your taxes and taking deductions that will raise eyebrows at the Internal Revenue Service. Some taxpayers are tripped up by expenses that they assume are tax deductions, but don?t qualify under IRS guidelines. Here are a dozen items that can lead to unpleasant surprises in case of an audit.

9 Things You Didn't Know Were Tax Deductions

Few realizations are more painful than realizing that you forgot to include a tax deduction that would have lowered your tax bill or increased your tax refund on your tax return. Here are some tax deductions that you shouldn't overlook.

A Comparative Look at State Taxes

Ever wondered which state has the highest gas tax or the lowest overall tax burden? Interact with the infographic below to compare income tax, property tax, and other taxes by state.

Add a Comment

*0 / 3000 Character Maximum

1 Comment

Filter by:
rostra

While it was my Party, the GOP/Nixon created the Earned Income & Child Tax Credits, hoping to pull people out of poverty, the prgrams need to be modified. Each and every President has expanded these two programs, when in fact, the country cannot afford to give a tax break for unlimited children. Time to put a limit on the deduction. Many people now claim more in child Tax credits then they earned in gross income.

March 28 2014 at 8:44 AM Report abuse rate up rate down Reply