Tomorrow is April 1st. For those of us who have put off doing our taxes, the next two weeks will be a race to the deadline. Now where exactly did I put all of those medical bills? Talk about increasing your stress!
As a single parent there are many ways you can benefit when you do your taxes. Many divorced couples take turns claiming the kids each year, this can make it a little tougher when it’s not your year to claim them.
However, when you can claim them you benefit not only from their deduction but also because you can file as head of household instead of single.
Many single mothers qualify for the earned income credit, the child tax credit as well as the additional child tax credit.
The earned income credit will depend on how many dependents you claim and your income.
The child tax credit and the additional child tax credit stops when your children are 17 not 18.
If your child is a over eighteen but makes under a certain amount you can still claim them. This is true if they are a college student as well, and you can get additional credit for tuition and fees.
Tax time is one time that it pays to pay a professional. If you are not sure what you qualify for it is worth the fee to lessen your tax burden and maximize your refund.
If there isn’t any money for a tax professional see if someone you know does taxes and work out a barter with them. Maybe you could babysit or do some housecleaning in exchange for getting your taxes prepared.
This is also a perfect time to organize yourself for next year. Even if you just have a shoe box that you through anything that could possibly pertain to your taxes, everything will at least be in one place this time next year. Hopefully that will minimize the amount of stress next time around.