We have some crucial tax information relevant to parents, including what you need to know to get all the credits and deductions you deserve as a "mom" or "dad."
While filing her taxes each year single mother of three Heather Wright is always keeping an eye out for the chance to save some cash.
"When I had my son I wasn't making as much as I do now so I was able to take advantage of the earned income credit," said Wright.
But over the past few years Wright has made more money at work bumping her out of the income bracket eligible to receive the EIC and leaving her with only the child tax credit.
"Which isn't as much as earned income but it allowed me to get some money back," said Wright.
Tax professional Marie Brooks says on the other hand if you qualify for the full amount of earned income credit then you will not get the child tax credit.
But if you have a child who's in college the American Opportunity Credit will allow you to claim their tuition and fees but the forms aren't available yet.
"Those will not come out they're telling us sometime in February or March," said Brooks.
As opposed to years past Brooks says this year if someone is trying to claim their niece or nephew as a dependent they have to show proof of guardianship to avoid fraud.
"School records, doctors records, food stamps," said Brooks.
And because Wright has her children enrolled in licensed after school childcare programs she's able to use that as a deduction putting a little more money back in her pocket.
"Being a single parent and with the economy going up and down it's good to have something to fall back on," said Wright.
Brooks says make sure you go to a qualified tax preparer they will be sure to get you the tax credits you are eligible for.
She says it's also very important to keep track of all receipts, credit and debit card statements because if you are audited those are the first documents the IRS will want to see.
