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Tax Tips for Parents
I have some important tax tips. Rearing your children and preparing them for the world is a time-consuming and expensive affair. For this reason, when you are filing your taxes, you should do everything in your power to take advantage of all of the credits and deductions at your disposal. If you are intimidated by the code’s, credits and forms a quick internet search to find a tax accountant near me can help. The newly enacted tax code passed by Congress in 2017 will alter how you file your taxes in 2019. Below, we will discuss some of those changes and give tax tips for parents. The Dependent Exemption Has Been Replaced Under previous tax laws, a parent could deduct $4,150 in taxes for each child up to 19 (and up to 25 for children currently attending college). With this new tax code, this will no longer be the case. That said, the doubling of the standard deduction will likely…