Tax Impact of Having Children

There are numerous tax advantages to having children that the IRS has provided. If you have children you can begin claiming them as dependents the year they are born. This immediate tax deduction helps offset some of the additional expenses you will face as a parent. There are other credits and deductions to consider too.

The Child Tax Credit is available for dependents up until the age 17. And once you have received the full benefit of the Child Tax Credit you can file for the Additional Child Tax Credit. This Additional Child Tax Credit … Read the rest