| For any single moms out there who are well-informed | | | | for the childcare out of your own pocket. This credit |
| about their income tax, tax time can be a great thing. | | | | will reduce the amount of income tax you are required |
| Looking forward to a refund that could pay off your | | | | to pay. In fact, the child and dependent care credit will |
| credit card is always a bonus. But, for those that are | | | | reduce your tax bill by up to 35%. |
| not well informed and left feeling confused, tax time | | | | 5. Claim Child Tax Credits: Another piece of tax advice |
| can be a pain in the you know what. So here is some | | | | for single moms is to claim the child tax credit and the |
| tax advice for single moms that will help you get the | | | | additional child tax credit. The child tax credit reduces |
| best refund. Please don't forget to consult a | | | | your tax up to $1000 per child. Now, the child tax credit |
| professional who can qualify any information you may | | | | is a non refundable credit, meaning if you have no tax, |
| be gathering and verify if you are eligible for certain | | | | you don't get to claim the credit. The additional child tax |
| credits. | | | | credit is refundable and if you qualify for it, can provide |
| Tax Advice For Single Moms | | | | you with a refund when you normally would not get |
| 1. Get A Professional: My first piece of advice is | | | | one. |
| simple...please don't forget to consult a professional | | | | 6. Get Your Education: Another great bit of tax advice |
| who can qualify any information you may be gathering | | | | for single moms is to get that education you have |
| and who can verify if you are eligible for certain tax | | | | always wanted, finish one you started, or upgrade |
| credits. This is very important. So many people don't | | | | your existing education. The Government will let you |
| ask for help when they can't figure it out for | | | | have tax relief on the first $4000 of your education |
| themselves, and this just makes the process all the | | | | cost, each year you are enrolled. |
| more frustrating. | | | | Bonus Tax Advice For Single Moms |
| 2. File as Head of Household: Single moms should | | | | One bit of advice I can give you that I actually took |
| always file as head of household. For those of you still | | | | personal advantage of, is to start your own online |
| legally married, that's OK too! You can file as head of | | | | home business. Now this can be something small and |
| household as long as you have custody of you | | | | doesn't have to take up all your free time, maybe 2 |
| children and you have been separated for more than | | | | hours per day. This can also be something that you |
| six months. Doing so will have you taxed at a lower | | | | decide to dive into in hopes that you will soon make |
| rate and have you claiming larger standard deductions. | | | | enough to quite your day job and stay home with your |
| 3. Use The Earned Income Credit: If you have a | | | | kids. When you have your own online home business, |
| relatively low income you need to take advantage of | | | | you have a whole array of tax write offs that you can |
| the earned income credit. This credit gives you another | | | | claim. You can write off a portion of your rent or |
| tax break if your income is below a certain amount. | | | | mortgage, utility bills and property tax. You can write |
| 4. Claim Child Care: Did your child(ren) need to be | | | | off expenses such as your computer, phone, internet |
| cared for by someone else while you worked, looked | | | | access, printers, fax machines etc. You can write off |
| for work, or went to school? If so, use the child and | | | | pretty much anything you use to conduct your |
| dependent care credit. You must have actually paid | | | | business. This can equal huge tax savings. |