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Income-Tax Benefits Available to Parents

Posted 11/23/20

All parents are familiar with the high cost of raising children. But did you know that your children may help you to qualify for some income-tax benefits? Here are some benefits the IRS wants parents to know about.

Child Tax Credit. You may be able to take this credit on your tax return for each of your children under age 17. Each credit is worth $2,000 per child. Married couples filing jointly must have income below $400,000 to receive all or part of this credit.

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