Must Read Tips for Single Moms That Have to Do Their Own Taxes!
There are a lot of us that will definitely agree on the thought that parenting and doing taxes, are two very complicated tasks that we have to handle in our lives. If you are a single mom, then it goes without saying that you will need to shoulder the burden of doing these two tasks yourself. 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.
One of the first things that you should consider doing as a single mom doing taxes, is to make sure that you claim dependents. If you are able to do this, then you pretty much get the opportunity to enjoy several extra benefits such as a dependent exemption for instance, or a tax credit. 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.
Another thing that you should consider doing, is to make sure you file as the head of your household, and that’s because you can enjoy pretty useful benefits from it. 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. Additionally, the two things mentioned above can also help you dramatically lower the chances of finding yourself in need, of applying for tax loans.
Lastly, if you are a working single mother, you should also take into consideration the earned income tax credit and that’s because it is also very beneficial. You will be able to enjoy certain levels of this type of benefit, depending if your income meets the threshold and also, how many children you have. 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. Once you get the hang of things, you will find it rather easy to handle such task, although it does look a little overwhelming at first glance. 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.