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Q: How
long should I maintain my tax and bank records?
A: You
should keep records for a minimum of 3 years. If you are involved in the
ownership of a business, or rental property perhaps, you should keep all
your records regarding the ownership for the entire term of ownership, and
for the three years following your disposition of ownership.
Q: How
much do I get per child?
A:
Unfortunately, it’s not that cut and dry. There are a number of possible
deductions and credits you may be eligible for, depending on how you get to
claim your child(ren). Dependent children ages 16 and younger are eligible
for the Child Tax Credit. This could be worth up to $1,000 per child,
depending on your income. Earned Income Credit, or EIC, can be over $4,400
total with 2 or more qualifying children, again based on your income. You
may also have a child that qualifies you for the Child and Dependent Care
credit, or maybe an education credit or deduction. Children that you are not
claiming as dependents may qualify for some things, while other tax breaks
require you to claim the child as a dependent in order to be eligible. The
professional tax preparers at our Jackson Hewitt offices can help you
understand each deduction or credit you may be eligible for, or why you’re
not eligible for certain ones!
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