How to File Your Taxes as a Single Parent

As a single parent, you may already deal with issues that make life a bit tougher — but there’s no reason why your taxes have to add to any of your stress. Especially if you’re a newly single parent, you may be confused as to how your tax return should look, what it should include, etc. That’s why we’re here to help and give your some advice to make your tax season (and life) easier.

Consider Filing as a Head of Household

You may think you automatically count as a “single” filer, but applying as a “head of household” could award you more benefits. This filing status can apply to you as long as you:

• Weren’t married on the last day of the previous year
• Had children who lived with you for at least six months
• Were able to provide more than 50% of the household’s income

In the end, you may pay less in taxes and/or be able to claim more deductions.

Claim Your Dependents

If your child lived with you for at least six months, they are a dependent in the eyes of the IRS — so always claim them. If you share custody with another parent, you may be able to claim your child as a dependent every year or every other year depending on your custody agreement.

Claim Child Care Credits

If you earn an income by working or go to school full-time and need someone else or a program to watch your child, claim the child care credit. The only catch with this credit is your child has to be younger than 13 and the other person watching them has to be someone other than their other parent.

Like we said, we want to help make your life easier. The team at American Investment Planners LLC has experienced many of the same situations our clients have, so we know exactly what solutions to offer. For more information about our tax planning services, please visit us on our website or give us a call at (516) 932-5130.

*Cadaret, Grant and its representatives do not provide tax or legal advice. Tax advice provided solely by American Investment Planners LLC.