5 Tax Breaks For Parents That Can Make A Big Difference
28 Apr 2021
Raising a child is pricey—to the tune of almost a quarter of a million dollars over the first 18 years, according to the USDA’s most recent figures. Luckily, the IRS provides some tax breaks to help families with these enormous costs.
In 2019, a family qualified for an average tax credit of up to $4,879 for the earned income tax credit (EITC) and child tax credit (CTC) alone, according to data from the IRS and the Tax Foundation. A tax credit not only helps reduce the amount of money you owe taxes on, but some tax credits help generate a tax refund. If you are a parent or guardian and are looking for ways to cut the expense of raising a kid, here are five tax breaks you may be able to claim.