2007-01-03 05:09:09 · 29 answers · asked by anonymous 1 in Business & Finance ➔ Taxes ➔ United States
Sometimes ... most people will say yes ... but if you make a large annual income anyway, then the child will have little to no effect on your taxes. It might reduce what you pay in a bit. Those saying yes, normally are the ones getting back $1,500-$5,000 checks in the mail from the IRS for EIC.
You need to sit and talk with a tax preparer to see exactly what sort of benefit, if any, claiming your children for EIC will do for you tax wise.
2007-01-03 05:29:16 · answer #1 · answered by EyeSpy 2 · 0⤊ 0⤋
Having three children of my own, I can tell you that with each child you are allotted a specific monetary deduction. I believe one year it was $2100 per child. It is also rumored that if you have 6 children or more the family becomes tax free. I don't know if that's true, and I have no desire to test it by having 3 more children. lol
2007-01-03 13:21:42 · answer #2 · answered by Anna Hennings 5 · 1⤊ 1⤋
Yes, but the amount of the break depends on your income level. Everyone gets a deduction for every dependent. If your income is low enough you may also qualify for "earned income" credit. Not big bucks but every little bit helps.
2007-01-03 13:18:41 · answer #3 · answered by BobbyD 4 · 1⤊ 0⤋
yes you get a certain amount to deduct per child. you also get a deduction for daycare and preschool expense. If u itemize you are better off with a cpa doing your taxes so u get the most breaks you're supposed to get.
2007-01-03 13:31:03 · answer #4 · answered by Bb 1 · 1⤊ 1⤋
Yes you do, a substantial one.
One of the many things that are unfair about our tax system. If you have a child, you get a tax break. But if you have no children, you still have to pay school taxes. Go figure.
2007-01-03 13:10:53 · answer #5 · answered by kja63 7 · 1⤊ 4⤋
Yes, if you would owe any taxes, they'd be reduced or eliminated depending on your income. And it can improve your eligiblity for an earned income credit, again depending on your income.
2007-01-03 13:38:52 · answer #6 · answered by Judy 7 · 0⤊ 0⤋
For each one you pop out each year before December 31st! And you're able to claim each one as a deductible so long as no one else does that tax year! Happy tax returns!
2007-01-03 13:12:27 · answer #7 · answered by HotInTX 5 · 0⤊ 2⤋
Absolutely. Claiming dependents can provide huge tax breaks.
2007-01-03 13:10:44 · answer #8 · answered by united9198 7 · 0⤊ 3⤋
well I know you get more money back...it's called the EIC.If you have a relative that doesn't work who has a kid you can claim them on you income tax and get back an extra grand.
2007-01-03 13:11:12 · answer #9 · answered by FLORIDA 4 · 1⤊ 2⤋
yes
2007-01-03 13:17:18 · answer #10 · answered by ? 7 · 0⤊ 1⤋