Are you subscribed to our Snips newsletter? If not, you’re missing out on some useful information, crucial to your long-term financial planning. Here are highlights of what you missed in our March 7, 2013 edition about taxes for 2013:
These tax breaks have been extended. Consult your tax adviser to find out how these changes affect your situation.
Child Tax Credit: $1,000 maximum credit for each eligible child under age 17.
Child & Dependent Care Tax Credit: Tax credits have been made permanent. For most parents, a credit of $600 is allowed for children under age 13, or up to $1,200 for two or more children under age 13. Lower-income parents may be eligible for larger credits.
Higher Education Deductions have been extended through the end of this year, along with the student loan interest deduction.
For more information on the tax changes, visit the newsletter online here. To make sure you don’t miss out on this kind of information in the future, please sign up for our newsletter here!