Tax Breaks for Single Mothers

Single mothers often feel like they are alone in this world and a feeling like that can start to get a little overwhelming. However there are options that will help you get through this difficult task.

There are single parent grants in the form of tax breaks for single mothers that aid single parents in ensuring that they have the financial means necessary to support their children at an adequate level of care. By making use of the various tax breaks for single mothers that are available you will be freeing up your necessary monetary resources. You will be able to focus more of your attention and resources on those aspects of the care of your children that really matter.

Getting tax breaks can make a huge difference in the lives of single parents. However many single parents are not in fact aware of their options in this regard. Fortunately there are a number of tax breaks for single mothers mentioned in this article that you should be able to make use of quite easily.

Education Tax Credits

There are two main tax credit programs that single mothers can benefit from when it comes to education:

  • The Hope Credit
  • The Lifetime Learning Credit

The Hope Credit program is one whereby tax breaks for single mothers are given to two categories of people:

  • Those from Midwestern disaster areas (who can receive higher tax breaks for single mothers)
  • Everyone else

This is beneficial because it is a full dollar subtraction from taxes on a certain portion of tuition expenses. This is however only good for the first two years of post-secondary education. The Lifetime Learning Credit works in a similar way but will provide tax breaks for single mothers and their dependents throughout their schooling, although the same tax payer cannot apply for the same tax break in the same tax year.

Head of Household Filing Status

Basically single parent who are the head of their household can get a larger tax subtraction then those single filers out there. However in order to do this you will have to be:

  • Unmarried
  • Providing care for a qualifying child for at least half of the tax year

You will be allowed to subtract a larger standard deduction from your tax than other people. This means that you will have more money spare that can be spent on ensuring that your children are getting the best lives possible, and this is a very important part of being a good single parent. These are the kinds of single parent grants that people seem to be largely unaware of even though single parents can take advantage of them so easily.

Claiming College Students as Dependents

Single parent that have children in college may be able to benefit in that they will be able to continue claiming their children as full dependents. This is great for your children who will not yet have to start dealing with their own costs. This is one of the tax breaks for single mothers that are aimed at benefiting older children. Your child will have to be enrolled full time at a college or university in order for you to be eligible for his. They will also be unable to claim any deductions for themselves on top of what you have already claimed if they are working side jobs while at university. This means that you should talk with your child about this and make all of the parameters and restrictions clear to them.

Child Tax Credit

If you meet the following requirements you may be able to deduct a portion from your taxes each year:

  • Single parents must have a qualifying child under the age of 17 at the end of the tax year
  • Single mothers must owe tax on their income

This is one of the tax breaks for single mothers that allows for you to physically deduct a set amount from the tax that you have to pay for the year. If the single parents in question do not owe tax on their income but have a qualifying child they may receive single parent grants in the form of refunds made to them. If you have primary care of the child you will get this credit. If you share custody you will have to alternate with the child’s other parent for this benefit.

Child and Dependent Care Credit

One of the things that makes being a single mother particularly difficult is the fact that you have to somehow or other provide adequate childcare for your children while you are at work and this can be expensive. Although there are grants for single parents to help you pay for this you can still end up paying a lot of money. Fortunately there are tax breaks for single mothers when it comes to childcare. You can get tax credit of up to $3000 if you have one child in a childcare service and up to $6000 if you have two or more children. This means that once again you will have more money set aside for paying for those things that really matter in life and supporting your family adequately.

Now that you are aware of the various tax breaks for single mothers you should be in a better position to apply for them and ensure that you are getting the tax breaks that are in fact owed to you. Paying lower levels of tax can be very useful for single parents who are struggling to support their families on their own as this means that you will be able to put more money aside in order to pay for those things that are really important in your family. The least you can do is look into them to see if you qualify. By freeing up your resources in this way you are making it easier for yourself to be a good parent and to support your children adequately through these important stages of their lives.