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16 Tax Tips for Single-Income Families

In a number of situations, a family might have only one income. One parent might stay home to raise the children, or a single parent might be raising children alone due to divorce or widowhood. No. ....

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16 Tax Tips for Single-Income Families

16 Tax Tips for Single-Income Families
GOBankingRates
3/19/2021
© PeopleImages / Getty Images
young couple working on their financial taxes
In a number of situations, a family might have only one income. One parent might stay home to raise the children, or a single parent might be raising children alone due to divorce or widowhood. No matter the situation, it can be tough to make ends meet with only one income. When you consider the tax problems that could arise, it can be even more challenging.
1. Can We Claim the Child and Dependent Care Credit?
When one spouse does not have income, you cannot claim the child and dependent care credit. This credit offsets child care expenses so that both parents can work or look for work. If one parent stays at home to care for the children, you cannot claim this credit. If you are a single parent with custody of your children, however, you can claim this credit if you have income. ....

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