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2. Standard deduction - Wikipedia

   en.wikipedia.org/wiki/Standard_deduction

   For dependents, the standard deduction is equal to earned income (that is, compensation for services, such as wages, salaries, or tips) plus a certain amount ($400 in 2023). A dependent's standard deduction cannot be more than the basic standard deduction for non-dependents, or less than a certain minimum ($1,250 in 2023).

3. 6 Tax Benefits for New Parents - AOL

   www.aol.com/6-tax-benefits-parents-190126676.html

   That’s $7,300 more than the $14,600 standard deduction you’d get as a single tax filer. ... you might have access to a dependent care flexible spending account at work to put aside before-tax ...

4. Kiddie tax - Wikipedia

   en.wikipedia.org/wiki/Kiddie_Tax

   Sec. 1(g)(4)(A) provides the formula for computing a child's "net unearned income," which is the child's unearned income minus either (1) two times the standard deduction allowed to dependents under §63(c)(5)(A) or (2) that deduction plus the itemized deductions directly connected with the production of the unearned income. [4]

5. Can I Claim My Child as a Dependent if I Pay Child Support? - AOL

   www.aol.com/claim-child-dependent-pay-child...

   Child and Dependent Care Credit: If you pay for childcare so that you can work or look for work, you may qualify for the Child and Dependent Care Credit. This credit covers a percentage of your ...

6. Child tax credit (United States) - Wikipedia

   en.wikipedia.org/wiki/Child_tax_credit_(United...

   A tax credit enables taxpayers to subtract the amount of the credit from their tax liability. [d] In the United States, to calculate taxes owed, a taxpayer first subtracts certain "adjustments" (a particular set of deductions like contributions to certain retirement accounts and student loan interest payments) from their gross income (the sum of all their wages, interest, capital gains or loss ...

7. Top Tax Deductions and Tax Credits You Should Know for 2023 - AOL

   www.aol.com/finance/10-tax-deductions-know-2023...

   The standard deduction is a fixed deduction that varies depending on your filing status, age and dependent status. This year, the standard deduction is $12,950 for those filing single or married ...

8. Head of household - Wikipedia

   en.wikipedia.org/wiki/Head_of_Household

   In 2021, for instance, heads of households were entitled to an $18,800 standard deduction, compared to $12,550 for single filers. In 2015, according to the Census Population Survey, 76% of head of household filers were women. [1]

9. Paid your student loans in 2023? You could qualify for this ...

   www.aol.com/paid-student-loans-2023-could...

   In December, the House introduced legislation to increase the deduction limit to $10,000, plus $500 for dependents. It would also include principal payments, not just interest. It would also ...