Tuesday, May 11, 2010

As a single parent what tax deductions/exemptions do you get?

Also do you only get them if you ';itemize';? Is there a difference between a deduction and an exemption?

Also, where are good direct links that explain this?

Thanks a lot!As a single parent what tax deductions/exemptions do you get?
As a single parent you most likely claim head of household instead of single. You also get yuor own personal exemption and the expemtion of yuor children.

There is a difference between exemption and deduction. The exemption is a flat amount per person in the household while the deductions are for indiivdual items like interest, taxes, contributions.

I would go to IRS.gov - it is a great site that provides all kinds of information. Also, use the forms and their instructions.As a single parent what tax deductions/exemptions do you get?
Basically you get the same deductions and exemptions that a married parent would get. Read through the instructions for the 1040A (download at irs.gov) to see an explanation.
well im not an expert in this feild but when i file i do EIC, child credit and dependent care.I use turbo tax so they ask you the correct questions for having a child/ dependent and you just feel that info in. It is free for the fed taxes.You can go to www.irs.gov and they can tell you the difference.
it depend for how much u earn......your ONLY benefits is if your the head of the household u get MORE refund than a married couple.

plus if u only used the short form they could still deduct your child care(if u have one), renters credit, student credit(if you are student and paying it) and student loan interest (to be honest it almost the same like others.....i just hope that they DO priorities single parent...lol)
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