Tax Relief Family And Education


It is wonderful feeling for a family to live together and be there for each other when required. Sitting together for breakfast discussing daily matters, one can discuss important issue like money. Cutting back on taxes can be a complete family affair, where almost every member is involved in some way or the other.

Earlier the wedding bells brought tax blues as there were few incentives for married people. But the tax code has changed with the years and there is some tax relief for married people depending on their status.

There is tax relief available for all parents single or staying together depending on the income they have. This Child tax credit can be claimed for every child under the age of 17. If you are paying an adult who is not dependent on you for looking after your children who are below 13 years of age you can get claim a tax relief up to $1,050 for one child and $2,100 for more children. You can save paying tax on your hard earned money by paying tuition fees for a college going student.

The provision of lifetime learning credit is worth almost $2,000 for all the students on your tax return who are in college or graduating. Most of these benefits depend on your income. It is also possible for you to get a deduction on student loan interest even if you have forgotten to itemize.

If you have children at least 18 years or more in age, you can transfer valued stocks to them. When they are sold by the child it will be taxed at child’s lower tax rate. Sit down and think and you will be able to save money on tax.

Noreen Centeno and partners of Limon Whitaker & Morgan, for years have helped businesses and individuals Nationwide, with their delinquent IRS & State tax problems. The firm is based in Los Angeles, California USA. []


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