Tax season has started—and with all of the changes in tax benefits and deductions over recent years, lots of families might feel intimidated by the filing process.
When you’re busy caring for kids (especially tiny ones), taxes may not seem like a priority right now. However, getting your tax forms in on time will make for fewer hassles in the future. Even if your 2024 income was lower than the requirement for filing, it’s highly recommended that you file anyway. That’s because you may qualify for a refund, especially when kids are in the picture.
Here are some tips to help you understand how your family situation may affect tax filing this year.
Child Tax Credit and Additional Child Tax Credit
For the 2024 filing season, the maximum Child Tax Credit per qualifying child under 17 years old is $2,000 — and is no longer available in advance installments like it was during the COVID-19 pandemic. If you pay or owe less than that amount in taxes for the year, you may qualify for the Additional Child Tax Credit, which allows you to receive up to $1,700 of the credit as a refund, even if you didn’t have to pay taxes.
To get these child-related tax benefits for your family, your child needs to have a Social Security number. For newborns, or in some other situations, this can be tricky if their Social Security card hasn’t arrived yet. While you apply and wait for a Social Security number (if eligible), you can file for a 6-month extension on your taxes.
Child and Dependent Care Credit
Any child care expenses for children under the age of 13 (or a disabled child of any age) can count as qualifying expenses for the Child and Dependent Care Credit. That includes everything from daycare and babysitters to summer camp and aftercare. You may be eligible to receive a tax credit of up to $3,000 for one child, or up to $6,000 for two or more children. The amount you receive will be a percentage of your child care expenses, and that percentage is determined by your income.
Education-related deductions and credits
Many parents are handling some student debt and education expenses at tax time — for their kids’ education and/or their own. In many cases, student loan interest payments on loans from qualifying institutions can be deducted from yearly taxes.
If you have a college student in your family, the American Opportunity Tax Credit allows you to deduct costs related to college tuition and fees, books, and supplies. It can be claimed in amounts up to $2,500 per student, and up to $1,000 of it can be refundable (potentially adding to the refund you get back, rather than simply reducing the amount of tax you owe).
Similarly, the Lifetime Learning Credit allows you to deduct slightly less (up to $2,000) of your qualifying education expenses, but can be used beyond four years of secondary education. That makes it useful for older kids or parents who are pursuing graduate degrees or are taking classes to improve job skills.
Adoption Credit
Parents who adopted a new child in 2024 can help offset the costs of the expensive adoption process with the adoption tax credit. New adoptive parents can receive up to $16,810 in tax credit spread over up to five years after first claiming the credit. For example, for a parent who had $8,000 of adoption expenses in 2024, and claimed $4,000 of that total in the first year after the adoption, they can choose to roll over the remaining $4,000 in credit for the next four years.
More tax reminders and tips
The deadline to file your 2024 tax returns is Tuesday, April 15, 2025. If you think you may need more time, it’s important to apply for an extension as soon as possible. If you made less than $84,000 in 2024, you can use the IRS’ Free File tool that allows you to file your returns for free online. Be sure to have Social Security cards on hand for yourself and each of your dependents before you begin filing your taxes.
