Are you aware of the fact that you can obtain multiple tax breaks for having a child? Child care happens to be one of the several tax credits you can qualify for while you are the parent of a minor. You need to think about your child care text credits throughout the year, not just when you have to file for the tax. You could be able to save a lot on your taxes because of this child care tax credits calculator for 2014. Most of the parents forget about the tax rights they possess and usually all these items and rights go unclaimed.
The very first child care credit you could claim is the child tax credit. As everyone gets to qualify for this tax credit, you can also do that. If the total income you have is more than $75,000 as a single filer or more than $110,000 as a married couple, you will not be able to qualify for this particular credit. This is a 1000 dollar credit that you will be able to obtain for each child you are being responsible for. This practice does not only apply to your immediate kids. In case you are the caregiver for a stepchild, grandchild, or even if you have adopted a child, you could easily qualify for this child tax credit. To ensure if you qualify for this or not, firstly you need to consider you the child is dependent on you or not. Then, you need to mull over if you are being able to cope up with their core expenses such as food, clothing, education and other crucial expenses. Once the child is 16 at the end of the tax year and none has claimed the child on their taxes, you will be able to qualify for the 1000 USD credit.
Now, you need to take into account the dependence and the child care tax credit. This is basically a credit for any money that you paid for the child care of one of your dependents which will give you the ability to work. When you have claimed it against your income will certainly reduce your federal income, which will make you eligible for more returns of your taxes. This will apply to any child that is under the age of 13 years. They, of course, should be dependent on you. This will help you obtain a credit based on the percentage of the entire cost of the child care you are mainly claiming. Moreover, if you are provided with child care benefits from your employer, it will be subtracted from the total cost of child care that you have claimed on your tax return.
Child care is certainly expensive, and you would like to acquire the credits that you deserve.You can make use of the Child Care Tax Credits Calculator For 2014, which is certainly going to assist you greatly in this regard.
