answersLogoWhite

0

There are deductions available for children on your tax return, such as the Child Tax Credit, the Child and Dependent Care Credit, and the Earned Income Tax Credit. These deductions can help reduce the amount of tax you owe.

User Avatar

AnswerBot

5mo ago

What else can I help you with?

Related Questions

What are the tax deductions available for children?

Tax deductions available for children include the Child Tax Credit, the Child and Dependent Care Credit, and deductions for education expenses such as the American Opportunity Credit and the Lifetime Learning Credit. These deductions can help reduce the amount of taxable income for parents with children.


Can I deduct back state tax payments on my tax return?

Yes, you can deduct state tax payments on your federal tax return if you itemize your deductions.


How do I know if I itemized deductions last year?

You can check if you itemized deductions last year by looking at your tax return. If you see a Schedule A form attached to your return, it means you itemized deductions.


Can I deduct charitable contributions in 2021 on my tax return?

Yes, you can deduct charitable contributions on your 2021 tax return if you itemize your deductions.


What happens if you have more deductions than income on your tax return?

If you have more deductions than income on your tax return, you may end up with a negative taxable income. This means you won't owe any taxes and may even receive a refund for the excess deductions.


Can you take an income tax exemption on tuition?

Not as an exemption on your income tax return. There is a variety of tax credits, deductions and savings plans available to taxpayers to assist with the expense of higher education. For more information, go to irs.gov.


Can federal tax on an annuity be deducted on your federal tax return?

There is a section on the tax form for deductions. If you keep track of how much money you have paid on an annuity, tax professionals and various tax programs will assist in making the proper federal tax deductions.


Can I deduct taxes paid for the previous year on my tax return?

Yes, you can deduct taxes paid for the previous year on your tax return if you itemize your deductions.


When you file married filing separately how to handle deductions?

Deductions are listed on Schedules attached to your tax return. It tells you which spouse can deduct what.


Can I deduct state income tax on my federal return?

Yes, you can deduct state income tax on your federal tax return if you itemize your deductions instead of taking the standard deduction.


What are the potential tax deductions available when refinancing a house?

When refinancing a house, potential tax deductions may include mortgage interest, points, and property taxes. These deductions can help reduce taxable income and lower overall tax liability.


Can you write off property taxes in California on your tax return?

Yes, you can write off property taxes in California on your tax return as long as you itemize your deductions.