Transcript for Taxes made easy: Filing tips for parents
- There are a variety of tax benefits available to parents and other taxpayers who claim dependents. Here are a few tax tips for parents that they need to know. First of all, the Child Tax Credit changed this year. In 2021, the American Rescue Plan temporarily increased the Child Tax Credit from $2,000 to between $3,000 and $3,600 to help filers during the pandemic. But for 2022 returns, the Child Tax Credit is going back to its original limit of $2,000 per qualifying child. That means the credit won't be as impactful for filers in their 2022 returns.
Another key tip, you may need a different tax filing status. Choosing the right filing status can make a big difference in your tax bill. If you're single and have a child or another dependent, you qualify to use head of household filing status. Generally, filing head of household will lower your tax rate and raise your standard deduction when compared to filing single or married filing separately.
And finally, you can get expert help for free. It doesn't matter if you're a tax newbie or a seasoned filer. Having free access to qualified tax experts to answer your questions is an absolute game changer. With TaxAct Xpert Assist, you can e-file with confidence. Thanks to free assistance from our tax experts who are ready to answer your tax questions no matter how big or how small.
This transcript has been automatically generated and may not be 100% accurate.