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New kids mean new tax breaks for mom & dad

Posted at 3:23 PM, Feb 09, 2016
and last updated 2016-02-09 18:07:09-05

Taxpayers with children could be missing out on big money, if they don't know what to claim - all because new kids can mean new tax breaks. 

First is the child tax credit, which equals $1,000 per child, but is phased out for those people at higher income levels.

"For most people out there, they don't make that much money, so they're going to be able to get that $1,000 tax credit," said Overland Park CPA Josh Mauer.

Also, don't forget about out-of-pocket medical expenses. If your insurance wouldn't cover some of your child's delivery or any other medical expense, Uncle Sam could help you out.

Believe it or not, breast-feeding equipment may also be tax deductible, depending on your situation.  While insurance now covers basic breast pumps, what it does not cover is all tax deductible.

Finally, when your kids grow out of clothes, give them to charity and then claim it on your taxes.
    
"Make out a list of what is in the bags before you take it there," said Mauer.

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Justin Wilfon can be reached at justin.wilfon@kshb.com.

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