1. Child Tax Credit: For each child under the age of 17, take this credit on your tax return. There is also the Additional Child Tax Credit if you do not qualify for the full amount. Refer to IRS Publication 972, Child Tax Credit.
2. Child & Dependent Care Credit: For payments you made to someone who cares for each child under the age of 13 so that you can work or look for work, this is a credit you can claim. Refer to IRS Publication 503, Child and Dependent Care Expenses.
3. Earned Income Tax Credit: This reduces the amount of tax you owe and benefits those who work and have earned income from wages. Refer to IRS Publication 596, Earned Income Credit.
4. Adoption Credit: If you adopted a child last year, you may qualify for a tax credit for qualifying expenses paid to adopt that child. There is a separate form that requires adoption-related documents. Refer to IRS Form 8839, Qualified Adoption Expenses.
5. Children with Earned Income: If your child has income earned from working, they may be required to file a tax return. Refer to IRS Publication 501.
6. Children with Investment Income: Your child’s investment income may be taxed at the parent’s tax rate. Refer to IRS Publication 929, Tax Rules for Children and Dependents.
7. Higher Education Credits Education: This tax credit can help with the cost of education by reducing taxable income. Refer to IRS Publication 970, Tax Benefits for Education.
8. Student Loan Interest: For qualified student loans, you may deduct interest you paid as an adjustment to your income. You do not need to itemize your deduction. Refer to IRS Publication 970.
9. Self-Employed Health Insurance: Being self-employed and paying your health insurance may earn you a deduction on any premiums you paid for after March 29, 2010 and for any children under the age of 27 (even if they are not your dependent).
Source: IRS.gov
