To: VeniVidiVici
My kids only make a few hundred dollars a year, work for about $6.00 an hour, and neither of them gets any tax cuts or tax breaks or tax credits for low income. My daughter works at Limited part time and my son works at Target part time. They take all the usual taxes out of their checks and they do not get tax refunds. They each have a few thousand dollars in their college savings accounts, but no huge amount of money that should offset such a low paycheck. My daughter is always shocked at how much they take out of her paycheck. She only has a few hundred dollars in her savings account this year.
4 posted on
01/09/2003 12:02:23 PM PST by
buffyt
(Can you say President Hillary?.......Me neither....)
To: buffyt
As long as you take a deduction for your children, the tax breaks targeted for low income families is available only to you (if you qualify). Once you stop taking them as deductions, they will be able to jump right in and grab EIC, etc., etc.
Perhaps you should start now, if you want to see them get those benies? Or might you lose more than they would gain? I suspect if, you're like most, the answer will probably be "Yes!".
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