Must Read Tips for Single Moms That Have to Do Their Own Taxes!
Many of us would agree that parenting and doing taxes, are two things that are very complicated to take care of. If you are a single mom, then it goes without saying that you will need to shoulder the burden of doing these two tasks yourself. So for those of you single moms out there that want to ease the burdens that you have when doing taxes, below are a few pointers for you.
One of the first things that you should consider doing as a single mom doing taxes, is to make sure that you claim dependents. By doing this, you set yourself up to enjoy some extra benefits such as a tax credit, or a dependent exemptions for examples. The one thing that you should keep in mind though, is that not all single moms can claim their children as dependents, and that is why you should check if you meet the criteria for it.
Filing as the head of the household, is another very handy thing that you can do when handling your taxes as a single mom. A higher standard deduction and lower tax rates, are just two examples of the benefits that you can get by filing as the head of your household. A lowered chance of needing to apply for tax loans, is another benefit that you will be able to enjoy if you were able to get the two benefits mentioned above.
Last but not the least, it is also important to consider getting the earned income tax credit, and that’s because it can help you out a lot if you are a working single mother. There is a certain threshold for your income that will let you enjoy certain levels of this benefit, and also depending on the number of children that you have as well. So again, make sure that you spend some time checking if you can qualify for this benefit, and also which level if you are a single mom doing taxes.
There you have it, these are some of the best things that you can do, if you are a single mom doing taxes these days, and want to have a better experience with it. Once you get the hang of things, you will find it rather easy to handle such task, although it does look a little overwhelming at first glance. So for all you single moms out there today that are doing your taxes, do take these pointers into consideration, and that’s so you can make the most out of the time and effort you spend on such a task.
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