Paying taxes as such is just like breathing, you cannot escape it. No matter which country you live in, you can typically get some sort of tax break for being a single mom.
Taxes are extremely important because they help make your schools and town a better place, and that’s why it’s important for everyone to pay their dues. However, there are some tax breaks that help eliminate your need to pay really high tax slabs.
Tax Credits
- Children – Taxes should never be used as a reason to have children, but they are a nice reason to get a tax break. Most governments give you a certain amount of money per child that you have. This helps alleviate some of the taxes you owe or even help you get a bigger refund at the end of the year.
- School – School tax credits are something that a lot of single moms use. There are several different tax credits you can get just for attending school. You will need to research your specific area for the right tax credits as not every credit is applicable to every region or situation.
- Self Employment – For those of you whose choose to be self employed, you may be eligible to several tax breaks too.
Reason for Taxes
- Benefits – Taxes are a huge benefit to those who need assistance from their local government. Without others paying taxes, these benefits would not be available to those in need. It’s easy to see why people complain about paying taxes, but it’s rather hard to complain when you know what these resources are used for.
- Reduce Debt – If taxes are used right, then they also tend to help reduce the nations’ overall debt. This helps to impact future generations because that debt will not be there for them to pay later.
- Taking Care – Without taxes your hometown, streets, roads and signs would not look as good as they do. Thanks to taxes, you are able to live in a nice and clean environment.
- Safety – Taxes help secure your environment. Thanks to those who pay taxes, you are able to have protection whenever you feel threatened. Not all countries are so fortunate to have a strong emergency system and police force in place however in US it’s all very organized. And a judicial system that aims to protect the innocent as well.
As you can see, there are many reasons as to why people need to pay their taxes. It’s not always the most liked part of living in a country but if we look at it at a micro level it’s one of the most important. Make sure you talk with a tax professional, so you can get all the tax breaks you need to make your tax refund as resourceful as possible.