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Last Updated: Feb 16th, 2008 - 17:39:39 |
Had a baby in 2006? Don't overlook tax deductions
Marketwatch |
NEW YORK -- Children can bring you a lot of joy . . . and a lot of bills. The good news is that at tax time, they can also save you some money.
Mark Steber, vice president of tax resources at Jackson Hewitt Tax Service, reminds parents that children of all ages can bring a range of credits and deductions on parents' 2006 income tax returns:
If you had a baby in 2006, don't overlook the medical deductions available, such as for labor and delivery-room costs, mileage to the hospital and prenatal doctor visits.
Parents who adopted a child last year can get a tax credit of $10,960, which is allowed for qualified expenses including adoption fees, court costs, attorney fees and travel costs related to adopting a child.
Also, reduce the federal income tax you owe by up to $1,000 for each qualifying child under the age of 17 through the Child Tax Credit.
© Copyright 2008 by AdoptionDesk.com
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