Tax Planning: How Children Can Help You Cut Your Tax Bill

April 11, 2015 12:02 PM

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Tax Planning: How Children Can Help You Cut Your Tax Bill

But devoting a few extra minutes of your precious time to these potential tax breaks could save hundreds or thousands of dollars on what you owe to Uncle Sam for 2014, as well as in the years to come.

Each dependent you declare on your 2014 tax return can reduce your taxable income by $3,950. In the 25% federal tax bracket, that’s a tax savings of almost $1,000. And the IRS allows a broader scope of this definition than what you might imagine.

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