Raising a child is without question the most important and rewarding role in life, but it can also get expensive. Families are estimated to spend between $12,350 – $14,000 a year per child (birth to 17 years old), on average, per the Department of Agriculture.
But there’s good news for parents! You can take advantage of the different tax breaks available – and there are quite a few. Read below for our list of popular tax credits (subtracted from the amount you owe) or tax exemptions (decrease the amount of the income upon which you are taxed) to increase your return.
Tips For Tax Breaks
1. Adoption Credit
If you’ve recently adopted a child or multiple children under the age of 18, check out Form 8839 to receive a credit up to $13,460 per child. Qualified adoption expenses include: court costs, attorney fees, travel expenses and other expenses (including meals) that are directly related