Tax breaks available to taxpayers with children are:

1.  dependency exemption,
2.  head of household filing status,
3.  child tax credit,
4.  child and dependent care credit, and
5.  earned income tax credit.

But each of these used to have a different requirement for when a child qualified for favorable tax treatment.  Now the IRS has created a uniform definition of a qualifying child.  This was done to streamline the tax rules related to children and make the regulations more consistent.  There are still a few variations left.  For more information.

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This entry was posted on Thursday, January 14th, 2010 at 5:33 pm and is filed under Children. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.