Tax Blessing News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Wings will cost you this year. a record for super bowl sunday. gretch? >> gretchen: everyone knows that having children is a blessing to your life, but it could be a blessing to your tax obligation, too? fox business nicole petallides is here to explain. all right. so the tax blessing number one is money for our dependents. what do you mean? >> right, so each dependent is an exemption. money for dependents. so each child, you take that child and that one you can write off $3,800 for the year 2012. so we're going to go through different ideas, from education, but just right off the bat, the irs...

Little tricky. are you the head of the household for over six months? are you the primary care giver and incurring most of the cost. in which case, this child is your dependent. >> gretchen: so only one much you can claim this. >> right. >> gretchen: tax blessing number two, the child tax credit. what's that? >> so this one, you get $1,000 credit per child. gone are the days that you're passing down the money so freely to the kids. that is taxed so heavily. we know that for a fact. so let's go with this one. get in there and try and get that $1,000 tax credit. there is no forms, nothing. just ...