Frank Ellis reveals the tax credits and deductions parents can claim in the 2015 tax season, so they can receive all tax benefits they are eligible for.
Traverse City, MI -- (SBWIRE) -- 12/10/2014 -- Traverse City Tax Preparation Examiner, Frank Ellis, explains the credits and deductions parents can claim during the 2015 tax season, on Examiner.com. Noting parents are limited as far as time to learn about tax credits and exemptions, he introduces various options now available.
One of these is the dependent exemption, now at a set rate per child. Ellis highlights this as one option to reduce one's taxable income. The child and dependent care credit for children under 13 allows taxpayers to deduct childcare expenses. Income requirements and loopholes are explained in the article to help readers learn if they can claim the credit.
The Earned Income Credit, a refundable tax credit, is explained by the author, who reveals how much a family with three or more children can be credited for. Income qualifications are explained as well, while the Child Tax Credit can be claimed for a child under the age of 17. Frank Ellis explains how one can use this credit or reduce or eliminate their IRS balance.
In addition, the Examiner.com article discusses the adoption credit. This covers the expenses associated with adopting a child, such as adoption fees, traveling fees, attorney fees, and more. The tax credit can be worth up to $12,970. With each option, the author provides taxpayers with insight into how they may be eligible to save on money owed to the IRS. These are also options which many parents are not likely to know about.
To learn more about the tax credits and deductions available to parents this year, go to http://www.examiner.com/article/tax-saving-credits-and-deductions-for-parents-2014-2015.
The author also mentions TurboTax software and its question and answer tools and ability to up applicable tax credits. With the tips provided in this and other articles, the idea is to help people receive the largest refund possible. http://filemytaxesonline.org/turbotax-2015-helps-find-largest-tax-deductions/
For those looking to simplify the tax filing process, it is advised to use a tax refund calculator to allow for easy estimation throughout the filing process. By estimating one's tax refund and return, anyone can make adjustments to ensure their tax season, including tax filing, goes smoothly.
For more information or to learn how to use a free tax refund calculator for the upcoming tax season, visit http://www.examiner.com/article/announcing-the-2015-tax-refund-calculator-see-your-refund-minutes
About Frank Ellis
Frank Ellis is a Traverse City Tax Preparation Planner and published author. He has written tax and finance related articles for eight years and has published over 800 articles on the Internet.
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