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.