Finding ideal tax breaks for single moms can be a little
overwhelming. You work hard all year round and all you want is a little tax break during tax
Single moms do not have to stress about their situation because there are ways you can
find the perfect tax credit for you. It’s a given that your hard earned money is taxed during
each pay check.
Earned Income Tax Credit
An earn income tax credit is for those who fall in low income or middle class. There are
certain qualifications you must rather meet to receive this. Those who are single mothers
typically get more earned income tax relief.
Child Tax Credit
One great part about tax time is that as a single mother you get a child tax credit. The
federal government determines the amount each year that will be given to parents of
children. If you are a single mother, then most likely you receive this tax credit for
having sole custody of your child throughout the year. A single mother can also apply as head of household, as long as she meets the federal requirements. This also would be based on assessment of what benefits you got from schemes under state help for single moms.
School Tax Credit
If you are a mom going back to school, then you might
be eligible for a school tax credit. These credits vary by the amount of money you pay
during the school year to attend college. When tax season rolls around, you should get a
special paper from your school. Check with your accountant to see which school tax credit you might qualify for. This is surely a kind of indirect single mom financial help.
What other tax credits are there?
There are various tax credits you can apply for too, but it really depends on your
situation. Do you own your own home? Do you own your own business? Most of the tax credits
really depend on the amount of income you make each year. For example, you might not be
eligible for the Earned Income Tax Credit if you made too much money the previous year.
A lot of people wait till the last minute to do their taxes, but it’s actually more
beneficial to take care of tax issues earlier. The earlier you do your taxes then the more tax
credits you can possibly find out about. There are multitudes of ways you can do your
- Hire an accountant
- Use tax software
- File your taxes for free online
If there is a tax credit for single moms that you know about, please feel free to share it