Chapter 26
Children and Taxes
IN THIS CHAPTER
Taking advantage of child tax goodies
Figuring out taxes, financial aid, and educational expenses
Understanding the “kid” tax system
Raising children involves many decisions and trade-offs. New parents are sometimes surprised at the financial and tax consequences of having kids. We include this chapter so that you can spend more time enjoying the first smile, first step, first word, and first high-five, and save on your taxes.
Bringing Up Baby
Although kids can cost a bunch of money, the expenses, or the thousands of diaper changes during the infant years, rarely deter people from wanting a family. And for good reason — kids are wonderful, at least most of the time. They’re the future. (If you don’t have kids, who do you think is going to fund your Social Security and Medicare benefits during your retirement years?)
Raising a family can be the financial equivalent of doing a triathlon. It can stretch and break the budgets of even those who consider themselves financially well off and on top of things. Taxes are an important factor in a number of kid-related issues. This chapter includes our take on some of the important tax issues ...
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