Must Read Tips for Single Moms That Have to Do Their Own Taxes!
Many of us would agree that parenting and doing taxes, are two things that are very complicated to take care of. Now if you are a single mom, then you will need to deal with both these two things, and that can make life a nightmare sometimes. So in light of that, below are some must read tips for those single moms out there that want a bit of help, when it comes to doing their taxes.
As a single mom doing taxes, one of the first things that you should really consider doing while in the process of handling your taxes, is to claim for dependents. By doing this, you set yourself up to enjoy some extra benefits such as a tax credit, or a dependent exemptions for examples. The one thing that you should keep in mind though, is that not all single moms can claim their children as dependents, and that is why you should check if you meet the criteria for it.
Filing as the head of the household, is another very handy thing that you can do when handling your taxes as a single mom. A higher standard deduction and lower tax rates, are just two examples of the benefits that you can get by filing as the head of your household. In addition to that, if you are able to get the two benefits above, you will also be able to enjoy the benefit of a dramatically lowered chance of needing to apply for any tax loans.
Last but not the least, it is also important to consider getting the earned income tax credit, and that’s because it can help you out a lot if you are a working single mother. There is a certain threshold for your income that will let you enjoy certain levels of this benefit, and also depending on the number of children that you have as well. So as a single mom doing taxes, make sure that you invest a bit of time checking if you can get this benefit, and what level you will be able to enjoy as well.
If you are one of the many single moms doing taxes nowadays, these are some great examples of the things that you can do, to have a much better time with it. Though it does look difficult at first, you will be find that it is actually rather easy to do, especially once you are able to learn what you need to do with it. Hopefully, you take into consideration all of these pointers, and that’s so you can make the most out of your experience, when doing taxes as a single mom.