This coming weekend will be suffused with amour (what with Friday being Valentine’s Day), national pride (what with Monday being Presidents Day), and busy phone lines at the Internal Revenue Service.
“The entire week of the Presidents Day holiday marks a peak time in the number of calls to the IRS, and we encourage taxpayers to visit irs.gov as the best place to get quick help,” said IRS Commissioner John Koskinen in a statement released Thursday.
If you’ll be preparing your taxes this weekend, the agency has offered eight tax-saving benefits that parents can consider.
• Dependents. If you had a child in 2013, you can claim him or her as a dependent.
• Child Tax Credit. Maximum $1,000 per child under 17. Check Schedule 8812 and Publication 972.
• Child and Dependent Care Credit. Did you pay for someone to care for a child or children under 13? Check Publication 503.
• Earned Income Tax Credit. If you earned less than $51,567, you may qualify.
• Higher Education Credits. The American Opportunity Credit and the Lifetime Learning Credit may reduce the amount you owe. Check Publication 970.
• Student loan interest. It may be deductible. Again, check Publication 970. email@example.com