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Had a baby this year? Learn what that means to your taxes….

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There are certain tax advantages to adding a little one to your family.

  1.  Taxpayers may receive an exemption for each child or qualifying dependant beginning in the year they were born up to the age of 19 (the limit is 24 if they are a full-time student).
  2.   Taxpayers may be eligible for a child tax credit for children under the age of 17.
  3.  A child and dependent care credit may be claimed for child care expenses incurred for children under the age of 13, if the expenses are incurred so that the taxpayer may work, or look for work.
  4. An earned income tax credit may be available for working parents.
  5.   An adoption credit is available for qualifying expenses paid to adopt and eligible child.

For more information on how your children affect your taxes, please contact your tax professional, or us at BHB Advisors, LLC at 651-332-5101.

Note: Credits and deductions may be subject to dependent qualifications and income limitations.

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