Author - Lisa Niser
While it may feel like children require an outpouring of funds, here are several child-related tax breaks that may allow you to save some on your taxes.
1. Dependent exemption: You are entitled to a personal exemption for each person claimed on your return. For 2017 this means you reduce your taxable income by $4,050 per exemption on your federal return and $2,175 per exemption on your Illinois return. The savings are these amounts times your tax rates. Note that the exemption phases ...Posted on June 28, 2017 at 10:01 AM