The Peck Group, LC
  • Comprehensive Tax Law Representation Since 1995

    We handle every aspect of tax law: preparing tax returns, representing clients during audits, resolving IRS and state tax controversies, and creating tax planning strategies for the future.

  • Problems With The IRS Or State Tax

    Our attorneys are committed to providing efficient and effective tax solutions for individuals and businesses in Georgia and nationwide.

  • Planning For The Future

    Our lawyers help individuals and businesses with all aspects of estate and tax planning. We help our clients use proactive strategies to minimize tax implications in the future

  • Changing The Balance Of Power

    Does it feel like the government has all the power? Taxpayers have rights, too. We use our knowledge of tax law to shift the balance of power and ensure that your rights are protected.

  • Tax Solutions … And Peace Of Mind

Tax filing tips for new parents

If you just became a parent last year, you may be unfamiliar with how this life change impacts your taxes. The filing process is significantly different after you have kids, and many new parents miss out on important tax breaks.

In this post, we examine a few key benefits you can receive when you file your tax return this year:

  • Child tax credit: You can earn a credit of up to $1,000 per child, depending on your income. In order to claim this credit, you need to include your child’s Social Security Number (SSN). Be sure you to list your child’s name exactly as it appears on their SSN card. If you forgot to apply for an SSN card after having your baby, you can still apply for one now and file an extension on your taxes (using form 4868). Note that any taxes you owe before applying this tax credit will still be due by tax day.
  • Dependent exemption: Once you have children, you can earn a $3,800 deduction—an amount of money that can be subtracted from your adjusted gross income—for each dependent you have.
  • Childcare credit: If you’re sending your kids to childcare so that you and your spouse can work, you can qualify for a credit toward this expense—up to 35 percent of the total expenses, depending on your income. In order to claim this credit, you need to provide the tax ID number of the childcare provider (unless it is a tax-exempt organization). For nannies, you can either provide their tax ID number or SSN.
  • Medical expense deduction: If you and your spouse have always been in relatively good health, you’ve probably never qualified for this exemption before. But having children comes with significant medical expenses, and if these expenses exceed 7.5 percent of your adjusted gross income, you can deduct them. It’s worth noting that besides the obvious medical costs—e.g., prenatal doctor appointments, hospital bills from childbirth—the costs of things like Lamaze classes or a breast pump can also be counted as medical expenses.

Whenever you have a change in life circumstances, it’s wise to consult with an experienced tax attorney to ensure you take advantage of all the benefits you deserve.

No Comments

Leave a comment
Comment Information
Email us for a Response

Talk to an Attorney

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

The Peck Group, LC
5855 Sandy Springs Circle N.E., Suite 190
Atlanta, GA 30328

Phone: 770-884-6914
Fax: 770-933-2369
Atlanta Office Location

Payment Cards