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10 Tax Tips for Married Couples

        Money | Taxes

2
Kids
It’s no secret that raising kids is costly, but qualifying families can use the child tax credit. © Brendan Delany/iStockphoto
It’s no secret that raising kids is costly, but qualifying families can use the child tax credit. © Brendan Delany/iStockphoto

While we all know you don't have to be married to have children, if you are married and you have children, you can receive a number of tax benefits.

First up, there's the child tax credit, which lets you reduce your federal income tax by $1,000 for each qualifying child under age 17. If you and your spouse make a combined $110,000 or more, the credit is phased out [source: IRS Child].

Next is the personal exemption. For 2014, you may take a personal exemption of $3,950 for everyone in your family, including all children. Unfortunately, the family pets don't qualify [source: IRS 2014 Benefits].

For low-income earners, the Earned Income Tax Credit kicks in. The largest credit is available for couples with three or more children who earn $52,427 or less and file jointly. If that's the case for your family, you can claim a credit of $6,143 for tax year 2014 [source: IRS EITC].


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