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IRS Tax Tips July 10, 2023
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Issue Number:?Tax Tip 2023-89
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*Tax tips for new parents*
Kids are expensive. Whether someone just brought a bundle of joy home from the hospital, adopted a teen from foster care, or is raising their grandchild. There are several tax breaks that can help.
*Here are some tax tips for new parents* ?
* *Get the child a Social Security or Individual Tax Identification number*
To claim parental tax breaks, the taxpayer must have their child or dependent?s Social Security number [ [link removed] ], Adoption Tax Identification Number [ [link removed] ] or Individual Tax Identification number [ [link removed] ]. Confirming a child?s birth is the only way the IRS can verify that the parent is eligible for the credits and deductions they claim on their tax return.
* *Check withholding*
A new family member might make taxpayers eligible for new credits and deductions, which can greatly change their tax liability. They can use the IRS Withholding Estimator [ [link removed] ] to check their withholding. Taxpayers should provide their employer with an updated Form W-4, Employee's Withholding Certificate [ [link removed] ], if they want to change how much tax is withheld from their paycheck.
*Check eligibility for these tax credits and deductions*
* *Child Tax Credit*
Taxpayers who claim at least one child?as their dependent [ [link removed] ]?on their tax return may be eligible for the Child Tax Credit. For help figuring out if a child qualifies for this credit, taxpayers can check?Does My Child/Dependent Qualify for the Child Tax Credit or the Credit for Other Dependents? [ [link removed] ]
* *Child and Dependent Care Credit*
If taxpayers paid someone to take care of their children or another member of their household while they work, they may qualify for the?Child and Dependent Care Credit [ [link removed] ]?regardless of their income. Taxpayers who pay for daycare expenses may be eligible"?"to claim up to 35% of their daycare expenses with certain limits.
* *Adoption Tax Credit*
This credit lets families who are in the adoption process during the tax-year claim eligible adoption expenses for each eligible child. Taxpayers can apply the credit to international, domestic, private and public foster care adoptions.
* *Earned Income Tax Credit*
The Earned Income Tax Credit [ [link removed] ] helps low- to moderate-income families get a tax break. If they qualify [ [link removed] ], taxpayers can use the credit to reduce the taxes they owe ? and maybe increase their tax refund.
* *Credit for Other Dependents*
Taxpayers with dependents who don't qualify for the Child Tax Credit may be able to claim the Credit for Other Dependents. Taxpayers can use the?Does My Child/Dependent Qualify for the Child Tax Credit or the Credit for Other Dependents tool [ [link removed] ]?on IRS.gov to help determine if they are eligible to claim the credit. They can claim this credit?*in addition to?*the?Child and Dependent Care Credit?and the?Earned Income Credit.
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