filing taxes, what to do to get more money?

Question

just wondering what all i can do, i have a newborn that i can claim, what else is there, like head of household and stuff like that. i usually just do my job, but now i have a kid so what can i fill out to get more back

Answer 1

The proper filing status and dependent status can make thousands of dollars of difference. It is advisable that you consult with a tax professional if you are not knowledgeable in these matters. They may be able to save or make you much more than they charge. Develop a relationship with them now so you will be prepared when tax time comes.

Answer 2

If you are the one taking care of the home and all the costs for this child, sounds like you can claim head of household (as long as theres no way that the mom (or anyone else for that matter) can claim that kid as a dependant. Claiming head of household allows for a bigger standard deduction, which reduces your tax liability. You should also be entitled to claim, not only yourself, but the exemption for that child as well. There are also credits, such as the child tax credit,the child and dependant care expenses credit ( like if you payed someone or a daycare to take care of your chil while you worked) and depending on your income, you might also qualify for the Earned Income tax credit. Just to give you some sort of idea, I have one child, I don't make over 30,000 in wages, and I usually get back around 4500 every year with all the credits and stuff.
Hopefully this helped you out a little bit, I am taking a tax course right now and I have always done my own taxes in the past. Got any more questions? Let me know

Answer 3

If you make less than $38,000 a year, take your information to a VITA site where trained volunteers will do your taxes at no charge. You can find information on irs.gov - type VITA into the search box to find a site near you. Most sites are just open during tax season, sometime early in the year until mid-April.