From our friends at Mamiverse!
Diapers, clothes, food, toys, braces, college…raising a child can cost a small fortune. So it’s important to take advantage of every opportunity to save money come tax time. Here’s a list of tax breaks every parent should know about.
Dependency Exemption – For each child you list as a dependent on your 2012 return, you’ll reduce your taxable income by $3,800. Even if your child doesn’t live with you, perhaps because of separation or divorce, or is away at college, you still may be able to claim him or her as a dependent. If you’re in the 25% tax bracket, each child you claim could lower your tax due or increase your refund by as much as $950. The IRS has more information here.
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