Parents should be aware of certain tax benefits

BY THE TRI-CITY HERALDFebruary 27, 2013 

Parents should be aware of tax benefits they shouldn't miss when filing taxes, according to the IRS.

w Children can be claimed as a dependent even if born in 2012.

w Child Tax Credit for each child under age 17 at the end of 2012.

w Child and Dependent Care Credit if you paid someone to care for a child or children under age 13 so you could work or look for work.

w Earned Income Tax Credit if you worked but earned less than $50,270 last year.

w Adoption Credit for certain expenses while adopting a child.

w American Opportunity Credit or Lifetime Learning Credit if you paid higher education costs for yourself or an immediate family member.

w Student loan interest may be deductible.

w Self-employed workers who paid for health insurance may be able to deduct premiums paid to cover children younger than 27.

For more information, go to IRS.gov or call 800-829-3676.

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