Virginia Beach, VA (PRWEB) February 13, 2012 From the cradle to college, children?s lives greatly impact the tax situations of their families. Here?s a checklist from Liberty Tax Service of potential tax breaks for families this year.
?Many tax breaks continue for families this year including the increased child tax credit,? said John Hewitt, CEO of Liberty Tax Service.
The Child Tax Credit
Parents may again reap the benefits of the increased child tax credit in 2011and 2012. The additional child tax credit on Form 8812 is refundable to the extent of 15% of the taxpayer?s earned income in excess of $ 3,000, rather than on a minimum income of $ 12,550. A qualifying child must be under 17, a son, daughter, stepchild,
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