Once you filter parenting decisions through the lens of taxes, you will find plenty of discounts on the enormous cost of parenting. Sure, there are the basics to think about, such as the child tax credit that every parent should take, if eligible. That just went up, by the way, to $2,200 per child. But there’s more. Daycare. Summer camp. Private school. College. Braces. Therapy. Sneakers.
Many parents don’t take up the challenge. To maximize your tax benefits, you have to study, and you have to do it before tax season in most cases. That is especially important now because of changes that help parents in the big new tax law.
Are you ready?