What can I claim on my taxes as a single mom?

Question

For example... Mileage to and from the Doctors.
Diapers, formula, child care.

Answer 1

Just so you know, the IRS allows you to write certain things off on your taxes. That means, after figuring out your taxable income, you get to subtract certain items. They go on a Schedule A. They include medical expenses including driving to doctors, pharmacy, dentist, etc., home mortgage interest (if you own your own home), real estate taxes (if you own your home), and donations to charity among others. What are NOT included are personal items like diapers, formula, clothing, furniture, rent.

Before you fill out the schedule A, keep in mind that if all of your entries come up to $7550 or less (if you are Head of Household*) or $5150 or less (if you are Single), then the IRS allows us to take the $7750 or $5150 without having to fill out the schedule. It is a rare event when a person making less than $40,000 per year who does not own a home has enough income to do a Schedule A. I do 300 returns per year and have done quite a few where people earn $100,000 and don't need do a Schedule A. If you earn less than $40,000 (and especially if you expect to earn less than $25,000), it is unlikely you'll need to do a Schedule A.

In addition to Schedule A, the IRS lets you subtract child care expenses AFTER you figure out your tax liability. You will need the following:

Name of provider
Address of provider
SSN or EIN of provider (they must give this to you!)
The total amount you paid for your child

This can save you quite a bit on taxes. Unlike Schedule A which is a deduction (it lowers your income), the Child Care thing is a Credit (it lowers your tax). Other credits that most single mothers can claim are the Child Tax Credit and the Earned Income Credit. The first can save you $1000 in taxes per child and the second can save you $2500 for one child or $4400 for two or more! These are much more significant than medical expenses.

Good luck!

Some extra information and caveats: Only the medical expenses that exceed 7.5% of your adjusted gross income are included on Schedule A which makes it that much less likely that you'll benefit from them. All three credits have qualifications, limitations, and exceptions, so read the rules carefully, or better yet, see a professional. They money you spend can be well worth it. Finally, whether you qualify to file as Head of Household or not is a rather complex issue and depends a great deal on whether you are legally married as of December 31st of the year. Don't just select this filing option until you've verified that you qualify.

Good luck!

Answer 2

Get a 2005 tax booklet or a Pub 17 and peruse the Sch A instructions. If you work and have income then child care is a yes. Medical mileage and doctors-yes. Diapers and formula-no. As a single mom you are most likely under head of household which means you will receive EIC & CTC. Unless you itemize and have more than $ 7,400.00 in expenses in 2006 you will be wasting your time at the federal level; state level will vary.

Answer 3

The quesion would be how plenty did mom make in unemployment? If mom made extra beneficial than $9750 in unemployment, sure, she would be in a position to decide to declare her toddlers as a results of fact if she does not, she'll owe earnings tax. With 2 dependents who're 18, she could have earnings of as much as $17350 without owing. the quantity is going up if she would be in a position to declare HOH or they're under 17. What she would be in a position to't do is get a refundable credit which incorporate EIC or ACTC as a results of fact unemployment does not count form for those.

Answer 4

File as Head of Household -or- itemize your deductions. The 2006 Head of Household standard deduction is $7550. Generally, you must decide whether to itemize deductions or to use the standard deduction. You should itemize deductions if your allowable itemized deductions (Medical and dental expenses, State and local income taxes, or sales tax, Real estate and personal property taxes, Home mortgage and investment interest, Charitable contributions, Casualty and theft losses, Job expenses, and Miscellaneous deductions) are more than your standard deduction.

If you worked, looked for work, or were a full-time student during the tax year, and paid somebody to care for your child while you were away, you are eligible to take the child and dependent care credit. It is not a refundable credit, meaning it will reduce the tax you owe but it won't get you a refund if you wouldn't get one already, and to take it you need to be able to file as married filing jointly, head of household, or single.

Take the Child Tax Credit: The child tax credit will reduce your tax by up to $1000 for each of your children.

Take the Additional Child Tax Credit: You qualify for the additional tax credit if you have three or more qualifying children and cannot take the entire child tax credit, or if you have fewer than three children, cannot take the entire child tax credit, and earned more than $10,750.

Answer 5

That is if you itemize. Depending on your income, your standard deduction as head of household may be higher than your itemizations, and it will cancel all that out.

Don't forget you may also claim earned income credit, child care, child credit...

Just go to www.irs.gov, individuals, and run the withdrawing calculator. It will estimate your taxes for next year.

Answer 6

Mileage to and from the Doctors - Yes, if you itemize and it, along with other medical bills, are over 7.5% over your income.
Diapers - No
Formula - No
Child Care - Yes (See Form 2441)

Answer 7

not sure but make sure if you live on your own you claim head of household makes a huge difference