Author - Lisa Niser

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5 tax breaks every parent should know about

While it may feel like children require an outpouring of funds, here are several child-related tax breaks that may allow you to save some on your taxes. 

1. Dependent exemption: You are entitled to a personal exemption for each person claimed on your return. For 2017 this means you reduce your taxable income by $4,050 per exemption on your federal return and $2,175 per exemption on your Illinois return. The savings are these amounts times your tax rates. Note that the exemption phases ...

Posted on June 28, 2017 at 10:01 AM by Lisa Niser