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Form 1040 (Schedule A) for Brownsville Texas: What You Should Know
Get a 2,500 Tax Deduction for Your Baby Taxpayers with newborns have the time of their lives. For parents of newborns, there are also plenty of tax savings to be had. Here are just a few ways that your newborn can save you money: A 2,500 baby tax savings can come in the form of: • 1,000 for the child's education deduction. • 500 of employer paid medical coverage or health insurance for the new parents, who may qualify for the Family Leave for Newborns program in which the employer pays a portion of the employee's medical premiums. • 600 tax for each parent who doesn't take a paid day off and a 200 tax deduction if neither parent participates. • 300 if both parents are married and filing jointly to give to the other spouse, for purposes of filing joint returns for tax year. • 300 for each parent who participates in the Child Tax Credit. • 300 to add to any qualifying gift made to the child for education, health or adoption expenses as well as for any tax deduction. • Child care expenses paid as a lump sum. • Child care expenses as a percentage of the family income. • The 200 child care tax deduction does not qualify for the Child Tax Credit. Parents with babies 2½ months old or younger can claim a 0 credit for each baby for the first two years of life. The first 2,000 of taxable income is subject to the new three-child standard of 6,000 of taxable income per family for the year. Families can also make qualifying child care expenses up to 25 percent of their qualified household income, which is defined as either one or more qualifying children who were under age 19 in 2014. If you are a new parent, here are a few tips and tricks to help you get the most for your newly minted income tax return — and your baby's, too: • If you are not working, you can save more money than paying a job's minimum wage, which averages close to 7.25 per day. • You may qualify for the Family Tax Credit, which lets you deduct up to 1,000 each from earned income while you are working, or up to 2,000 for up to four children. The credit is not enough to offset the tax liability.
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