For families, balancing work and home life can be a difficult task, especially when parents are working. Therefore, it’s important to take advantage of some tax deductions and credits that the IRS can offer to help offset your costs. We’re here to help you out.
Consider these tax deductions and credits
Child and Dependent Care Credit
If you have children under the age of 13, you may claim a tax credit if you hire a babysitter or daycare when you are working. Summer camps may qualify, too.
Earned Income Tax Cedit
Just for working, the IRS will give you a credit worth up to $6,143 for this year. Depending on your income and number of dependent children, you may also earn up to $46K.
If a parent had to relocate the family due to a new job, those costs associated with the move can be a part of the tax deductions. Storage and travel can be included in that.
Whether you are employed by a company or self-employed, travel expenses for work events, seminars, conferences, and more can be a tax deduction. If you are employed, this only qualifies if you were not reimbursed. If you or your significant other is self-employed, any work expenses from big to small can be deducted. This includes home offices, furniture, equipment, and supplies.