All parents know that the costs associated with children can be extremely expensive over time. Fortunately, the tax code offers parents a variety of ways to help minimize such expenses.

A recent reminder from the Internal Revenue Service explains that children can typically be claimed as dependents starting with the tax year in which they were born. Parents of children under age 17 can also benefit from the child tax credit.

Parents can claim a maximum amount of $1,000 for each eligible child. Those with legally adopted children are eligible for the credit as well, and a dependent must have spent at least half of the tax year living in the household for the tax benefit to apply.

The child tax credit is lower in households where the combined income of a married couple meets or exceeds $110,000, or where the income of a single parent is $75,000 or above.

The IRS also advises parents that they may be eligible for the child and dependent care credit if they pay somebody to care for a child under the age of 13 while they are engaged in a job search that ultimately proved to be successful. For parents of college-aged children, a number of other tax benefits may apply to help defray educational expenses.

Every effort has been taken to provide the most accurate and honest analysis of the tax information provided in this blog. Please use your discretion before making any decisions based on the information provided. This blog is not intended to be a substitute for seeking professional tax advice based on your individual needs.