Monthly Archives: March 2012

Ways Children Lower Your Taxes- Tip #8

From Carol McAtee’s CPA firm in St. Petersburg, FL- 8. Student Loan Interest: You may be able to deduct interest you pay on a qualified student loan. The deduction is claimed as an adjustment to income so you do not … Continue reading

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Ways Children Lower Your Taxes- Tip #7

From Carol McAtee’s CPA firm in St. Petersburg, FL- 7. Higher Education Credits: Education tax credits can help offset the costs of education. The American Opportunity and the Lifetime Learning Credit are education credits that reduce your federal income tax … Continue reading

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Ways Children Lower Your Taxes- Tip #6

From Carol McAtee’s CPA firm in St. Petersburg, FL- 6. Coverdell Education Savings Account: This savings account is used to pay qualified expenses at an eligible educational institution. Contributions are not deductible; however, qualified distributions generally are tax-free. If you … Continue reading

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Ways Children Lower Your Taxes- Tip #5

From Carol McAtee’s CPA firm in St. Petersburg, FL- 5. Adoption Credit: You may be able to take a tax credit for qualifying expenses paid to adopt a child. If you have questions about dependents or other tax related issues, … Continue reading

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Ways Children Lower Your Taxes- Tip #4

From Carol McAtee’s CPA firm in St. Petersburg, FL- 4. Earned Income Tax Credit (EITC): The EITC is a benefit for certain people who work and have earned income from wages, self-employment, or farming. EITC reduces the amount of tax … Continue reading

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Ways Children Lower Your Taxes- Tip #3

From Carol McAtee’s CPA firm in St. Petersburg, FL- 3. Child and Dependent Care Credit: You may be able to claim this credit if you pay someone to care for your child under age 13 so that you can work … Continue reading

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Ways Children Lower Your Taxes- Tip #2

From Carol McAtee’s CPA firm in St. Petersburg, FL- 2. Child Tax Credit: You may be able to take this credit on your tax return for each of your children under age 17. If you do not benefit from the … Continue reading

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Ways Children Lower Your Taxes- Tip #1

From Carol McAtee’s CPA firm in St. Petersburg, FL– Do you have kids? They may have an impact on your tax situation. Over the next few days we will be posting the top 8 things to consider if you have … Continue reading

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