Benefits of Special Tax Debt Relief for Single Moms
There are many programs on the part of the government of the United States to protect single moms. Many single moms are interested in this facility. More than 30 million people have availed the facility last year alone and the number will definitely rise this year.
There are special privileges for single moms on tax and there is no secret about it. It has been so for quite a number of years. There are things that make this a very special one for single moms.
Single moms can claim the tax benefit and there will be no contends from the husband. For example, on child tax credit, single moms can ask to cut from her taxable income and it will be approved since the child is dependent on her.
The advantage is that even if the father acknowledges the child, the single mom can still claim for tax deductions.
The special tax debt relief is an excellent scheme for single moms who need to support her children with a fixed annual income. Think of a mom who needs to support two children under the age of 16 with an annual income of $40,000.
Life will be miserable if there is tax for that money also. The scheme is for single moms who need to pay a lot of attention to their daily chores. If you are single mom, you need to be aware of it and make full use of the benefits it envisages.
Child care tax credit is another tax debt relief option for single moms. This is very handy since many of the working moms need to pay for a nanny while she is working in some other firms to support her children.
The single working mom can claim up to 35% of child tax credit of the child care expenses. In simple terms, the mom can save up to $6000 if she has two kids to care. It is certainly a huge sum and the mom can spend the money in something else.
Another benefit for single mom is that she can claim herself as the head of the family. As the head of the family, she can claim a higher standard of deduction and IRS allows it.
There will be additional benefits for the single moms because she is at the same time a single mom and the head of the family. So she will get an extra advantage in tax paying.
The tax credits for single moms may also come as tax debt relief and these are basic taxation rules. She need not get worried about taxes because of the advantages she have in paying tax.
Before heading for tax settlement, you need to be aware of the multifaceted benefits and deductions the government offers to you. The special tax benefits that are on offer for single moms will enable them to lead a hassle free life. They can use the deductions in other ways to lead a better life.