4 Tax Credits For Families

4 Tax Credits For FamiliesAs the last year has come to an end, preparing for taxes is a good practice. Here are four tax credits that most families can benefit from:

Tax Credit #1: The Child Tax Credit

This credit is most widely known, and is good for $1000 per child. It has no limits per family. As long as the child is under 17 you can qualify for it.

Tax Credit #2: Adoption Credit

The 2013 Adoption tax credit is $12,970 per child and will reduce your tax bill, but will not contribute to a tax refund.

Tax Credit #3: Child and Dependent Care Credit

Basically this credit is for working families where both parents work outside of the home or for a single working parent. You are allowed to file for a credit up to 35% of your child care cost, for a maximum of $3,000 for one child and $6,000 for two or more.

Tax Credit #4: American Opportunity Credit

This credit is for parents who are helping their children earn a college degree. The maximum credit is $2,500 per student.

As with all tax related credits there are restrictions and requirements. Always consult with a competent tax advisor or CPA before filing your return.

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