TOMS RIVER, NJ - Your Newborn is a Joy… And a Heck of A Tax Benefit!! Ask Your (Year Round) People.

TOMS RIVER, NJ - Your Newborn is a Joy… And a Heck of A Tax Benefit!! Ask Your (Year Round) People.

Your bundle of Joy may qualify for credits including the Child Care Credit, the Child Tax Credit and the Earned Income Credit.
If you're a single parent paying more than half the household costs and your child lives with you more than half the year, claim Head of Household to qualify for a higher standard deduction than when filing as Single. You'll also be eligible to use a more favorable tax table or rate schedule.
Apply for a social security card immediately after your child's birth to receive tax benefits.
In most situations, you'll claim the exemption for a child because the child is your qualifying child. But in some situations, the child will be claimed as a qualifying relative. See Publication 501 for the rules relating to qualifying relatives.
You Can Claim a Dependent
In either situation, 3 conditions must be satisfied:
You can't claim an exemption for the child if you can be claimed as a dependent of another person.
You can't claim an exemption for the child if the child files a joint return unless the return is only a claim for refund and neither the child nor the child's spouse would have a tax liability if they file separate returns.
The child must be a U.S. citizen, resident, or national, or a resident of Canada or Mexico for part of the year.
A child is your qualifying child if all the following conditions are satisfied:
The child is your son, daughter, stepchild, foster child, brother, sister, stepbrother, stepsister or a descendant of any of them.
The child is younger than age 19, a full-time student younger than 24 or a disabled child.
The child did not provide more than half of his or her own support.
The child must live with you more than half of the year. A newborn child is considered to have lived with you for the entire year.
You Could Qualify for Several Credits
MORE QUESTIONS? CONTACT US AT OUR YEAR 'ROUND OFFICES

LAKEWOOD PLAZA
1700 MADISON AVE
LAKEWOOD, NJ 08701
Phone: 732-364-3000

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1900 RTE 70 STE 218
LAKEWOOD, NJ 08701
Phone: 732-920-9333

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MANCHESTER, NJ 08759
Phone: 732-408-9123

93 3RD AVE
BLDG E STE 505
NEPTUNE CITY, NJ 07753
Phone: 732-502-8314

You may qualify for the Child Tax Credit, Earned Income Credit (EIC) and Child Care Credit. Also, the 2009 American Recovery and Reinvestment Act expands some of these benefits.
Child Tax Credit — You may be able to get a credit of up to $1,000 per child. An eligible child must be younger than 17 and must be a U.S. citizen, U.S. national, or a resident alien. This credit is available regardless of your filing status. However, your credit is reduced if your modified adjusted gross income is:
EIC — The EIC is a refundable credit available to low-income workers. The amount of the credit varies depending on your income level and the number of qualifying children you have.