Tax Credits and Other Issues for Families
Elsewhere in this material, we discuss most of the tax issues that affect you in your capacity as a business owner, an employee, an investor, a homeowner, or a retiree.
In this portion, we’re going to tie up the loose ends by discussing a number of tax issues that pertain primarily to your family situation.
- First, we’ll discuss the treatment of alimony, which is deductible by the person who pays it and is taxable to the person who receives it.
- Next, we’re going to cover a number of special tax breaks based on your family situation, including:
- the $1,000-per-child tax credit
- the adoption expense exemption and credit
- the credit for the elderly and the disabled
- We’ll also discuss the tax breaks for education, including the Hope Scholarship credit, the Lifetime Learning credit, education IRAs, the exclusion of interest on certain student loans.
- We’ll conclude with a discussion of the earned income credit for lower-income families and individuals.
