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Tax benefits for parents

Posted 11/25/22

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