Less than two months until the tax deadline, and if you're putting together all your receipts and forms, there are things parents need to remember.
CBS47's Zara Arboleda is On Your Side with what moms and dads need to know before they file.
Zara talked to Christie Majors, a local real estate agent and mother of two. Christie could play with her four-month old son, Ridge, all day long... but she's got work to do. So when it's time to sell real estate, Ridge goes to his nanny. And when it comes to taxes, Christie relies on her CPA. "I just want to be a mom and sell real estate and keep that stuff off my plate," said Christie.
The IRS says parents should take advantage of all the credits and deductions they can and one of the biggest deductions is child care.
Day care is a big expense, but there are some other often missed deductions: expenses for adopting a child, interest paid on qualified student loans, and if you're self-employed like Christie - the cost to cover your kids' health insurance plans.
Zara talked to Carol Aldecoa with Liberty Tax Service who says many people forget about the cost of health insurance premiums that can be a deduction on their Schedule A.
Companies like Liberty and your CPA can help because they stay on top of the ever-changing tax codes for dependents. "It's made a world of difference for me to have these write offs that I didn't have for my 7-year-old," said Christy.
After spending so much money on your little ones, it's nice to be able to save a little.
Click on the related links for more tax benefits for parents and other resources.