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. With that being said, below are a few pointers that can help single moms out there today, ease the burdens that they have to handle, whenever they have to do their taxes.
As a single mom doing taxes, one of the first things that you should really consider doing while in the process of handling your taxes, is to claim for 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.
Filing as the head of the household, is another very handy thing that you can do when handling your taxes as a single mom. 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. In addition to that, if you are able to get the two benefits above, you will also be able to enjoy the benefit of a dramatically lowered chance of needing to apply for any tax loans.
Last of all, do make sure that you consider getting the earned income tax credit if you are a single mother, and that’s so you can enjoy that benefit as well. 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 if you are a single mom doing taxes, this is another benefit that you should aim to qualify for, and that’s why you should check the requirements and to what extent you can enjoy it.
So if you want to have a much better experience as a single mom doing taxes, then these are some fine examples of the actions that you can take. 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. So for all you single moms out there today that are doing your taxes, do take these pointers into consideration, and that’s so you can make the most out of the time and effort you spend on such a task.