{"id":5213,"date":"2014-11-18T09:48:32","date_gmt":"2014-11-18T14:48:32","guid":{"rendered":"http:\/\/gtm.com\/household\/?p=5213"},"modified":"2016-02-24T14:49:07","modified_gmt":"2016-02-24T19:49:07","slug":"tax-credits-families","status":"publish","type":"post","link":"https:\/\/gtm.com\/household\/tax-credits-families\/","title":{"rendered":"Tax Credits for Families"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-5220 img-rounded\" alt=\"tax credits for families\" src=\"https:\/\/gtm.com\/household\/wp-content\/uploads\/shutterstock_59577946-300x213.jpg\" width=\"300\" height=\"213\" \/>2015 may be another good year for tax credits for families. Most of the child- and education-related tax breaks on the table the last several years are available once again to parents \u2014 or in some cases to grandparents or to students themselves. Make sure that you and your family are taking advantage of the credits, deductions, and other tax-saving opportunities that apply to you. Savvy, strategic tax-related decision-making can become a family tradition, if it&#8217;s not already.<\/p>\n<h4><strong>Tax Credits<br \/>\n<\/strong><\/h4>\n<p>Tax credits reduce your tax bill dollar-for-dollar. (See the Chart <a href=\"http:\/\/www.webtaxguide.net\/Sample\/WTG2013\/Charts\/CYETG13-Chart1-2010.html\" target=\"_blank\">Tax deductions vs. credits: What&#8217;s the difference?<\/a>) So make sure you&#8217;re taking every credit you&#8217;re entitled to. The American Taxpayer Relief Act (ATRA) made the benefits of the following credits permanent:<\/p>\n<ul>\n<li>For each child under age 17 at the end of the year, you may be able to claim a $1,000 credit. <span style=\"color: #000000;\"><strong>Warning:<\/strong><\/span> The credit phases out for higher-income taxpayers.<\/li>\n<\/ul>\n<ul>\n<li>For children under age 13 (or other qualifying dependents), you may be eligible for a credit for a portion of your dependent care expenses. Eligible expenses are limited to $3,000 for one dependent, $6,000 for two or more. Income-based limits reduce the credit but don&#8217;t phase it out altogether.<\/li>\n<\/ul>\n<ul>\n<li>If you adopt, you may be able to take a credit or use an employer adoption assistance program income exclusion; both are limited to $13,400 for 2015 (up from $13,190 for 2014). An income-based phaseout also applies.<\/li>\n<\/ul>\n<p>For more information on the income-based phaseouts that apply to these credits, see the chart below.<\/p>\n<h4><strong>Education Credits\u00a0 <\/strong><\/h4>\n<p>If you have children in college or are currently in school yourself, you may be eligible for a credit:<\/p>\n<p><strong>American Opportunity credit.<\/strong> This tax break covers 100 percent\u00a0of the first $2,000 of tuition and related expenses and 25 percent\u00a0of the next $2,000 of expenses. The maximum credit, per student, is $2,500 per year for the first four years of post-secondary education. The credit is scheduled to be available through 2017.<\/p>\n<p><strong>Lifetime Learning credit.<\/strong> If you&#8217;re paying post-secondary education expenses beyond the first four years, check whether you&#8217;re eligible for the Lifetime Learning credit (up to $2,000 per tax return).<\/p>\n<p>Be aware that income-based phaseouts apply to these credits.<\/p>\n<p>For more information, contact GTM&#8217;s Household Employment Experts at (888) 432-7972.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>2015 may be another good year for tax credits for families. Most of the child- and education-related tax breaks on the table the last several years are available once again to parents \u2014 or in some cases to grandparents or to students themselves. Make sure that you and your family are taking advantage of the [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[75,80],"tags":[19,31,38,45,55],"class_list":["post-5213","post","type-post","status-publish","format-standard","hentry","category-household-payroll-taxes","category-tax-wage-laws","tag-education","tag-household-employer","tag-irs","tag-parents","tag-taxes"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Tax Credits for Families - GTM Payroll Services<\/title>\n<meta name=\"description\" content=\"2015 may be another good year for tax credits for families. 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