are you a single parent who's living paycheck to paycheck it seems like you worked so hard to
make the money but it's all gone and the expenses never seem to end it's frustrating and i know for
a fact because i have a lot of tenants who live in my properties or single parents and they often
complain about not being able to catch up on their bills and i know you're feeling the pinch
this inflation is killing us folks gas prices are high energy prices are high grocery prices
are off the roof but i have some good news for you folks in this video i'm going to promise you gonna
save you guys at least twenty thousand dollars or more in solid tax deductions per household
if that's what you're here for stick around to learn more hola como estas salaam namaste
to all my friends all over the world i'm your host ak i'm an investor i'm an entrepreneur i
build affordable housing for the needy for people who are disabled people who have bad
credit so if you're into that kind of stuff please consider subscribing to my channel so you can
support the cause how to save twenty thousand dollars of tax deductions for a single parent
let's go so there are numerous credits available folks for single parents such as education
alimony child tax credit and so on and so forth these credits run anywhere from two
thousand dollars to up to sixteen thousand dollars depending on how many kids do you
have and for the record i have a lot of respect for single parents because i know how it's like
to be a single parent to claim all these deductions you have to be the head of
household so what does that mean that means you should be paying at least 50 or more of the
house expenses okay such as groceries utilities shopping whatever that may be now your children
must be 17 years or younger and they should be living with you for at least six months or more
now the first one i'm going to start with is called earned income credit and this is for low
income earners okay and i want to start with this because not everybody's high income earner here
so if you're making 57 000 or less then you can have all these credits up to 2
dollars okay and i'm gonna put a chart up here so you can see if you're making fifty seven thousand
dollars and if you have three kids or more you get certain deductions if you're making fifty
four thousand dollars you have different type of deductions for for two plus more kids now if
you're making forty eight thousand dollars or less and you have one kid you get certain deductions
so you check with your cpa or check with the tax accountant if you need our help to file taxes for
you we have a service as you know an entrepreneur extraordinary we can help you file our taxes as
well and we can also try to get back the past two years of tax deductions for you i will also show
a chart on the screen for you guys so you can see the earned tax credit uh for one child versus two
versus three versus four simple enough let's move on to the next one now before i do that often get
asked this question how many dependents can i claim and the answer is simple folks as many as
justifiably living with you and you're paying for their bills okay as many as you like you can have
one children two children three children four children eight children doesn't really matter
so let's first start with education credit okay this is called also called a child tax
credit if your children are 17 years or younger you can claim in terms of books
you know education food travel transportation drinks you can deduct up to 2500 now the child
has to be in this school in a program and you should also be their caretaker as in the head
of household as in you're the person who's filing them as a dependent on your taxes so
please make a note of that there is also a plan called 529 plan where you can also put
some money away for your children and you can apply this towards your children's education
now next up is child independent care credit folks this credit is solely dependent on number
of dependents and also your income if you have one dependent 13 years or younger you claim to
eight thousand dollars now if you have two jumps to eighteen thousand dollars and so on
and so forth so that's sixteen thousand dollars plus several thousand dollars for earned income
credit you know if you combine those two we're already looking close to twenty thousand dollars
already but we're not gonna stop there we're gonna keep going we're gonna show you more credits okay
now next up is child care credit child credit credit applies to all the expenses you incur
if you were to leave a child at home for a caretaker to take care of them or drop them
off at a daycare and you're making those payments that's when the child care credit comes in folks
and those are also tax deductible from your paycheck for this credit to work you conduct
up to three thousand dollars per child okay and again it's daycare it's you know leaving
them home with someone someone else is taking care of them whether you are looking for work
whether you're going to work or whether you're seeking education that doesn't really matter as
long as someone is taking care of your child now if your child is dependent and they can't
take care of themselves either mentally or physically this credit still applies to you
even if you're not going to work because someone else has to take care of your child
next up is child alimony or support if you are a single parent and you're
getting child alimony or support from your previous spouse or your boyfriend whoever
that may be any amount that you're getting per month from this person
is not taxable okay by any means so do not report this as an income on your tax returns
next up is advanced child tax credit payment i know it's a big word but let me explain how it
works okay due to the american rescue plan you can get some of these payments that you were getting
for the past few years you can request the irs to send you these deductions in advance that you're
supposed to get by january february or april even if you haven't filed your taxes yet because these
are the standard payments you've been getting for the past few years if you receive some payments
let's say five thousand dollars last year you can request the irs to send you this payment
again this year you should not have to wait till april or may to get those payments in your account
please make sure to have provided a direct account number for them to send those payments
now next up is dependent care spending account and here's how it works you have to enroll in a
program called the fsa program for this preschool program both school programs or summer camps
now if you enroll in this fsa program the money goes from your account directly into
the fsa account it works very similar to the 401k plan folks where you put money into your account
and you don't pay taxes on that right so in this case you're putting money into fsa plan
and then you're not paying any taxes on that and the income that you make instead of
paying taxes to the irs you're putting that money away for your child's education okay
now this is a fun one okay if you make 54 000 or less guess what happens and you don't speak
english or you have a challenge speaking the language and you're a resident alien
or so on so forth you can get assistance and someone filing your taxes for free
that means the fee for filing that you're being charged is totally tax deductible and
it could be up to a thousand dollars so take advantage of that if you're in that situation
another big deduction is for adoption or foster care credits folks and here's how it works
if you're adopting a child from a foster care child right and if you have all these
expenses you have to consult with legal fees and you know maybe a lawyer and so on so forth
all these fees okay the fees that you pay to the agency to adopt a child or to do some background
checks and so on so forth all those fees keep a receipt of all of them because they're all
tax deductible so blessings to you if you have a big heart you're adopting a child
wonderful that's awesome but please take advantage of this deduction folks this is
a lot of money that people spend in adopting a child for such a wonderful cause why not keep
that money back in your pocket and use it for the child versus paying the irs