In a world where the cost of living and unemployment rate are higher than ever, single parents in particular are finding it more difficult to provide for their children financially. Even preparing and filing your taxes as a single parent poses challenges not seen in filing jointly or as an individual without dependents. Ann Irons, CPA works with single parents, families, and businesses who need assistance filing income tax returns in Holliston, MA.
Don't Miss Out on Available Credits
It pays to take advantage of all available deductions and credits. These may vary from one year to the next, and may not apply to state tax returns. When you enlist our tax preparation services, you can breathe easily knowing that you will receive everything for which you are eligible, such as:
Child and Dependent Care Credit, which allows you to claim a maximum of 35% of your childcare expenses, such as those paid to daycare, babysitters, and after-school programs. You may claim this deduction only for dependents under the age of 13.
Child Tax Credit: If your dependent is under the age of 17 and has lived in your home for at least six months out of the year, you can claim this deduction of up to $1,000.
Earned Income Credit: Low-income taxpayers benefit from the EIC, but one needn’t be a parent to receive it. The value of the credit increases with each additional dependent. As a single parent, you will almost certainly be eligible.
Get the Most From Your Tax Return
Ann may recommend filing your return as “Head of Household” instead of “Single.” By doing so, you will decrease the total amount of taxes that must be paid to the IRS. As an added bonus, filing as the head of household will enable you to claim a higher standard deduction. The follow requirements must be met to file as head of household:
- As of the last day of the year, you were not married.
- You provided at least half of the monetary support needed to maintain your household.
- Your dependents must have resided with you for at least half of the year.
Interestingly, you may also be able to claim similar deductions if you care for your elderly parents, who are also considered dependents if certain requirements are met.
Questions about filing your taxes? To learn more about our services, or to schedule a meeting with Ann Irons, CPA, LLC, please contact us at 508-966-0700. We serve clients living in and around Boston and Holliston, MA.
Ann spent over 25 years in the financial service industry, gaining knowledge and experience that allows her to provide an array of tax, bookkeeping, and accounting services for her clients. Relying on a stringent code of ethics and a dedication to maintaining the highest industry standards, Ann works hard to ensure her clients receive the quality service they’ve come to expect. A member of AICPA and MSCPA, Ann has also had an article featured in the renowned publication, Banker and Tradesman. 
