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. So for those of you single moms out there that want to ease the burdens that you have when doing taxes, below are a few pointers for you.
One of the first things that you should consider doing as a single mom doing taxes, is to make sure that you claim dependents. There are several benefits that you will be able to enjoy if you decide to do this, and some good examples of which will be a tax credit, or a dependent exemption. 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.
Another very beneficial move that you can make when doing your taxes, is to consider filing as the head of the household. If you are the head of the household, you get the opportunity to enjoy a higher standard deduction, and lower tax rates as well. 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 but not the least, it is also important to consider getting the earned income tax credit, and that’s because it can help you out a lot if you are a working single mother. Depending on the income and number of children that you have, you may be able to enjoy certain levels of this particular benefit. So again, make sure that you spend some time checking if you can qualify for this benefit, and also which level if you are a single mom doing taxes.
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 when doing taxes as a single mom, make sure that you take these pointers into consideration next time, and that’s so you can have a better experience with it.