It’s often stated that it takes a whole household to raise a kid. If you are doing it on your own as a single parent, you deserve single parent tax benefits.
If the taxpayer qualifies for the injured spouse program, low-income support or any other issue, taxes can be dealt with an easy, different way.
Full Custody of the Child
If you are a single parent due to being divorced or in case of the death of your spouse, you probably have the full custody of your child. It often gets very tiring for a single parent to earn money as well as take care of the child’s needs. One tax benefit is by claiming the amount of an ‘eligible dependent credit’.
A child under the age of 18 can get credit up to $11,000. This benefits the single parent by being able to save up to approximately $1,650.
Mutual Custody of the Child
In case you and your divorced spouse share the custody of your child, you both can claim the eligible dependent credit.
If you are under any tax debt due the adverse actions of your spouse and cannot deal with finances, you can file for the injured spouse program and get relief.
Tax Help MD has helped several taxpayers resolve their tax hurdles in the past years. If you are facing any difficulties related to taxes, feel free to contact us and Tax Help MD experts will be happy to assist you.