As tax season approaches, parents are encouraged to make the most of tax breaks designed to alleviate the financial pressures of raising children. Tax expert Lisa Greene-Lewis highlights the importance of understanding these benefits, including the Child Tax Credit of up to $2,000 per child, the Child and Dependent Care Credit providing up to $2,100, and the Earned Income Tax Credit, which adjusts based on income and family size. Navigating these options can significantly enhance potential refunds and financial savings for families.
One of the most well-known tax benefits for parents is the Child Tax Credit, which provides up to $2,000 per child under the age of 17.
For parents who rely on childcare to work or search for a job, the Child and Dependent Care Credit can help offset costs.
Even summer day camps and sports camps qualify for the Child and Dependent Care Credit—though overnight camps do not.
If you're working and earning an income, you may also qualify for the Earned Income Tax Credit (EITC), which can provide a significant boost to your refund.
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