Credits and deductions parents can take advantage of this tax season

by Marcia Messer, SWBC PersonalHUB

Alexis Rose: What is your favorite season?
Moira Rose: Awards!

—Schitt’s Creek, American Television Series

Tax season may not be everyone’s favorite time of year, but the more informed you are about the process, the less stressful it will be to file before the April 15 deadline. If you’re a parent, the IRS offers a number of tax credits and deductions related to your children and expenses you pay on their behalf. In this blog post, we’ll give you a rundown how your kids might save you some cash as you file your taxes this spring.

Tax Credits and Deductions—What’s the Difference?

When deciding between multiple credit or deduction options, it’s important to understand the difference between tax credits and tax deductions:

 

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