b'ITEMS TO SHARE WITH YOUR EMPLOYEESFIVE TAX BREAKS for New ParentsNew parents have th AD HERE em. Not only are they eir work cut out for thdealing with lost sleep, they also face the extra cost of raising a child. At least there are a lot of potential tax breaks available to them. Check out this list and share it with any new parents you know.1.Child Tax Credit Tax law3.Below the kiddie tax threshold changes this year not only double the size ofIf you have property that produces income, the Child Tax Credit, they make it availablesuch as bonds, stocks, mutual funds, interest to more parents than ever before. The creditor realized capital gains, you can lower your increases to $2,000 from $1,000 (with $1,400tax by transferring a certain amount of that of it being refundable even if no tax is owed).income to your children. Why? Your child has Meanwhile, the eligibility phaseout thresholda lower tax rate than you do on unearned increases sharply to $400,000 from $110,000income. This works up to a certain dollar limit for married joint filers (and to $200,000 forbefore kiddie tax rules come into play.single taxpayers). 4.Adoption Credit2.Child and Dependent Care CreditIf youAbout 135,000 children are adopted in the U.S. pay a nanny, babysitter, daycare or a relativeeach year. If you are welcoming an adopted to take care of your child while you and yourchild into your family, the Adoption Credit can spouse are at work, you can claim the Childbe claimed on up to $13,840 in expenses, such and Dependent Care Credit. Its up to $1,050as fees, legal counsel and court costs.on $3,000 in expenses for one child and twice5.Educational benefits of a 529 plan that for two or more children. The key is thatThere are many provisions in the tax code to you and your spouse (if you are married) musthelp cover the high cost of education. Consider both be working, and you cant claim expensesestablishing 529 college savings programs for overnight care. for your new addition. While contributions are 34 www.mrca.orgMidwest Roofer'