Medical Expenses For Childrens

Having kids is life-changing experience, especially when it comes to filing your taxes. Kids are cute and amazing and all that, but really, a major perk is being able to claim them as dependents and get some more deduction. Yep, I said it. You can deduct education costs you can even claim your child's medical expenses on your taxes. Kids are expensive, but at least Uncle Sam will let you get some of it back.

The new tax reform bill still allows you to take an exemption just for having a kid. For 2018, you can claim Rs.4,050 for each qualifying kid, whether it's your biological child, a stepchild, a foster child, or any of their descendants. As long as the child lives with you for more than half of the year, is under 19 years old at the end of the year or is under 24 years old and a full-time student during the year, they're a qualifying child in the eyes of the Internal Revenue Service. This is important when you start deducting their expenses, too.

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