Tax Advice For Single Moms - What You Can Do to Increase Your Tax Refund

For any single moms out there who are well-informed about their income tax, tax time can be a great thing. Looking forward to a refund that could pay off your credit card is always a bonus. But, for those that are not well informed and left feeling confused, tax time can be a pain in the you know what. So here is some tax advice for single moms that will help you get the best refund. Please don't forget to consult a professional who can qualify any information you may be gathering and verify if you are eligible for certain credits.

Tax Advice For Single Moms

1. Get A Professional: My first piece of advice is simple...please don't forget to consult a professional who can qualify any information you may be gathering and who can verify if you are eligible for certain tax credits. This is very important. So many people don't ask for help when they can't figure it out for themselves, and this just makes the process all the more frustrating single mom struggling financially.

2. File as Head of Household: Single moms should always file as head of household. For those of you still legally married, that's OK too! You can file as head of household as long as you have custody of you children and you have been separated for more than six months. Doing so will have you taxed at a lower rate and have you claiming larger standard deductions.

3. Use The Earned Income Credit: If you have a relatively low income you need to take advantage of the earned income credit. This credit gives you another tax break if your income is below a certain amount.

4. Claim Child Care: Did your child(ren) need to be cared for by someone else while you worked, looked for work, or went to school? If so, use the child and dependent care credit. You must have actually paid for the childcare out of your own pocket. This credit will reduce the amount of income tax you are required to pay. In fact, the child and dependent care credit will reduce your tax bill by up to 35%.

5. Claim Child Tax Credits: Another piece of tax advice for single moms is to claim the child tax credit and the additional child tax credit. The child tax credit reduces your tax up to $1000 per child. Now, the child tax credit is a non refundable credit, meaning if you have no tax, you don't get to claim the credit. The additional child tax credit is refundable and if you qualify for it, can provide you with a refund when you normally would not get one.

6. Get Your Education: Another great bit of tax advice for single moms is to get that education you have always wanted, finish one you started, or upgrade your existing education. The Government will let you have tax relief on the first $4000 of your education cost, each year you are enrolled.

Bonus Tax Advice For Single Moms

One bit of advice I can give you that I actually took personal advantage of, is to start your own online home business. Now this can be something small and doesn't have to take up all your free time, maybe 2 hours per day. This can also be something that you decide to dive into in hopes that you will soon make enough to quite your day job and stay home with your kids. When you have your own online home business, you have a whole array of tax write offs that you can claim. You can write off a portion of your rent or mortgage, utility bills and property tax. You can write off expenses such as your computer, phone, internet access, printers, fax machines etc. You can write off pretty much anything you use to conduct your business. This can equal huge tax savings.

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