taxtips

Here's a tax tip especially for parents!

FOX Business Network's Tracy Byrnes has details in "Tracy's Tax Tips":

If you qualify for the Child Tax Credit you may be able to reduce your federal income tax by up to $1,000 for each qualifying child under age 17.

I'm Tracy Byrnes with the FOX Business Network, here with Tracy's Tax Tips.

So, a qualifying child is someone who meets seven tests: the child must have been under age 17 at the end of 2013, must be your son, daughter, stepchild, foster child, brother, sister, stepbrother, stepsister or a descendant of any of these individuals.

The child must not have provided more than half of his/her own support and you have to claim that kid as a dependent on your federal tax return.

A qualifying child must be a U.S. citizen, a U.S. national or a U.S. resident alien and must have lived with you for more than half of 2013.

Now no surprise, this credit has adjusted gross income limitations. For married taxpayers filing a joint return, the credit starts to disappear when income hits $110,000. For single and head of household taxpayers, the phase-out begins at $75,000.

I'm Tracy Byrnes, FOX News Radio.

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