Being a single parent is tough. You might well be the sole provider and caregiver, so every little bit of help can make a real difference. That's why if you file your taxes as a single head of household, you should take advantage of several tax breaks and credits offered by the IRS.
One of them is called the Child Tax Credit. If your child is a United States citizen and under the age of 17 on the last day of the year, you could be eligible for a credit of up to $1,000 (your adjusted gross income has to be less than $75,000 to qualify). If you have several children, you could claim $1,000 per each qualifying child as long as you meet the required income levels. (As income increases, the credit per child lowers.) The IRS adjusts these amounts on a yearly basis so check the latest information and guidelines on the IRS web site.
If you filed your 2015 tax return and didn't claim a Child Tax Credit and believe that you should qualify, consult with your tax preparer or directly with the IRS. You might be able to file an amendment on your 2015 return. Don't miss an opportunity to get some money back in your pocket for a change!
Yamila Constantino is a pioneer of financial education for Latinos. She is a member of the National Financial Educators Council Advisory Board and a winner of the US Hispanic Chamber of Commerce At the Table award for women entrepreneurs.
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