5 Tips For Filing Taxes As A Parent

It's important to focus on filing your taxes properly no matter what your situation might be in life. If you are a parent, then there are certain tips that you should follow so that you can ensure that your taxes are done as they should be. These are a few tips that can help you with filing taxes as a parent.

1. Work With a Tax Preparation Service

Filing taxes becomes a little more complicated when you have children, and it is important to have the right person to help you with your taxes. Look for a tax preparation professional who can assist you and help you ensure that your taxes are done as they should be. This can help you ensure that you get any deductions or credits that you qualify for without making any mistakes on your tax returns.

2. Have Your Children's Social Security Numbers Ready

You will need to have your children's social security numbers ready so that you can list them on your tax returns, so bring this information with you when you meet with your tax preparation professional.

3. Keep Track of Documentation About Schooling-Related Expenses

In many cases, schooling-related expenses — such as money that you might have spent on college tuition and books for your children or that you might have paid in student loan interest — can make you qualified for a credit or deduction. You will need to have documentation about how much you spend and what you spent that money on if you want to take these credits or deductions.

4. Keep Track of Medical-Related Expenses for Your Children

Money that you have paid for covering your children with health insurance or that you have paid for doctor's appointments and other expenses may be tax-deductible. Again, make sure that you bring in any documentation related to these expenses when filing your taxes.

5. Be Aware of Anyone Else Claiming Your Children on Their Taxes

Lastly, if you share custody of your child, you should determine if anyone else will be claiming your children on their taxes. After all, you could have problems with your tax return if you claim your children for the child tax credit and if someone else does so at the same time. Who can claim the child on their tax return is often included in custody agreements, so you may want to consult this agreement — if you have one in place — if you aren't sure.

Contact a resource like Jeffrey Beebe CPA to get help with tax preparation services.

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