Don’t Make These New Parent Tax Mistakes
If you’re a new parent, you need to take advantage of tax deductions just for you. As Tax Day 2016 approaches, make sure you are know all the credits available to you if you had a baby or adopted a child in 2015. And if you are having a baby this year, it’s not too early to talk to your tax professional and avoid tax mistakes for next year. Even childcare expenses can be written off. Take advantage of discounts on tax software, too, because when you become a parent, every cent counts!
This post originally appeared on Wisebread.
Kids come with some valuable tax deductions and credits. The problem? Many new parents, understandably overwhelmed with the burdens of taking care of a baby, fail to claim these savings. And that can cost them thousands of dollars. If you are a new parent, don’t pass on these key tax savings.