TAX TIP OF THE DAY... deliver your new baby by 12/31!
Congratulations. It's a boy, girl... NO, it's a tax dependent!!! Babies born as late as December 31 result in a FULL YEAR's worth of tax breaks. Save an average of $1,600 to $2,000. Twins... double these numbers!
So get that social security number processed asap at the hospital. You are going to need it for your 2015 tax return.
Certain parents save much more... lower income parents, parents with 1 older child in daycare, single "Head of Household" parents, adopted babies with finalization before 12/31.
SHARE WITH A FRIEND.
If you need any help... www.baboiancpa.com