Tax Deduction Baby!
April 3, 2007
I started working on our family’s tax return last night and answered yes to the question in Turbo Tax about dependents for the first time.
Of course, our son is more than just a tax deduction to us, he’s also a good excuse to leave work early!
Just kidding, being a parent is a wonderful, life-changing experience and we’ve had a ball watching him grow and learn. His smile just makes our day. The tax deduction is just another thing to smile about Here is what Turbo Tax had to say about the child tax credit:
“A child tax credit is available only to taypayers with at least one qualifying child. The maximum credit is $1,000 per qualifying child. If you have more than $11,300 of earned income, or you have three or more qualifying children, and you are not able to claim the full $1,000 child tax credit for each child because of tax liability limitations, you may be able to claim the child tax credit as a partially refundable credit that will reduce your tax liability or increase your refund.”
All I know is that we now have a “qualifying child”. I’ll punch in the numbers and let Turbo Tax figure out the rest.
[photo credit annieseay]
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