Tax Info For New Mommies (and Daddies)

[HeatherNYC]

It's tax time! No, it isn't April 15. I haven't accidentally torn out two months or so worth of pages in my Dayplanner. I know we have time before we have to file, but it is right about now that we are gathering 2011 bills, receipts, W2s, 1099s and going over what is allowed, what isn't. Who else is just having so much fun with taxes (yes, that should be read with sarcasm)?

These tax codes, the deductions, the whole rules and so on are a bit confusing...and let's just, for fun, say you have recently had a baby. Combine sleep deprivation and filing out tax forms, well, that is a recipe for overlooking good new parent tax info that can save you some money. Keep in mind these credits and deductions from Uncle Sam and the IRS.

-- Child Tax Credit. According to the government, that little bundle of joy is worth $1,000. As long as the kids in your house are under 17 and you make less than $110,000 as a married couple filing jointly, you can deduct $1,000 for each wee one.

-- Child Care Credit. You can qualify for a credit for money you paid to care for your kids. Depending on your income, you can get a credit of 20%-35% of expenses up to $3,000 for one child ($6,000 for two or more kiddos).

-- Adoption Credit. Adopting a child is wonderful...and expensive and a long process. To help out parents, the IRS offers a credit up to $12,650.

-- Medical expenses. If your medical expenses add up to more than 7.5% of your income, they are deductible. Medical expenses can include premiums for insurance, prenatal care, care for the baby and the mom after the birth, medicine, and other medical-related expenses.

Do you do your own taxes? What else do should new parents remember when doing taxes for the first time with a baby?

[jbyrd898]

my hubby just finished our taxes. this year we are getting a little back. normally we have to pay. I'm so excited! It must have been due to me switching to part time half way through the year, but them taking our higher taxes during the time I worked full time. Plus we have a child tax credit now. yay!

[heathermichelle]

Someone always does ours. I think you have covered all I can think of.

[PrissyT]

we always have our's done... well hubby has them done so im not to sure but I think all is covered mostly

[extremecheer]

Our are done! just waiting for the check to arrive?

[jessicasmom1]

Thanks! 

[Stevensmomma]

I think thats all of them I cant think of anymore that pertains to kids but I know their are a lot of things you can write off like repairs on your house if they are energy star, uniform tax for work if you have to buy your clothes etc.

[ceciliam]

Thanks!

We have an accountant.....we have too much going on to try and do it ourselves.

[mamivon2]

We always go to H&RBlock..

[KaylaMillar]

We got to somebody to have them done

[goddess99]

I use turbo tax, I don't really know much about taxes.