A Special Tax Gift for Parents


          Children are gifts to their parents in a variety of ways. That is also true when it comes to filing Tax Returns. Here are a few tax benefits that parents can claim that relate to their children.
          If a parent paid for the care of their child under the age of 13 so they could work or look for work, this may qualify for the Child and Dependent Care Credit. Adoptive parents can also claim the Adoption Credit for certain costs related to the adoption process.

         The Child Tax Credit has specific points that need to be addressed. To claim this credit, the child must be under 17, as of December 31, 2016. The child can be the Taxpayer's child, stepchild, sibling, stepbrother or sister, grandchild, and even niece or nephew. They can also be an adopted child or a child lawfully placed for adoption. They must be a dependent that is claimed on the Taxpayer's Federal Tax Return. This child should have lived with the Taxpayer for more than half of 2016 and must be a US citizen, US national, or US resident alien. Parents seem to earn special consideration when it comes to taxes. What do you think?

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