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President's Corner

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President's Blog: Advocacy Success from the County Council

Need to Know

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Submit Federal Work Study and Student Assistant Continuing Student Employment Forms by March 12

MC Events

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SpeakeasyDC's "Wetbacks, Aliens, & Towelheads: True Stories from the First Generation" at MC, March 31

From the Board of Trustees

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Presidential Search Update

Other

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Consignment Ski and Snowboard Tickets Still Available

College/Campus News

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CRLA Approval for Rockville's Math/Science Center

Arts at MC

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Paintings by Jim Condron at the Annex Gallery

It's Academic

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Attend a Maryland Public College or University FOR FREE!

Library News

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MC Libraries Spring Break Hours

Campus Sports News

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MC Cricket Team Set to Defend National Title

HRSTM

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Office of Human Resources Tip of the Day

Life Events

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Zumbathon for Haiti and Chile on Saturday, March 20 at MC-Germantown!

Newsletters

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it@mc

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Podcast Server Maintenance, March 15 and 16

Planning Matters

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Tax Tips for 2009: Taxpayers with Tots and Teens

Tax Tips for 2009: Taxpayers with Tots and Teens

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Category: Planning Matters

Published: Mar 12 2010 12:00AM

<i>From February 1-April 15, 2010, the Office of Institutional Advancement will be posting weekly tax tips from the IRS that may be of interest to Montgomery College employees, students, and their families as they file their taxes. These tips do not replace the advice of a qualified tax preparer but may help the filer to gather information or know what questions to ask.

If you would like to be referred to a list of people who prepare individual tax returns for a fee, please e-mail Elena Lippa, director of gift planning, at elana.lippa@montgomerycollege.edu or call her at 240-567-5287.</i>

<b>Ten Tax Topics for Taxpayers with Tots and Teens </b>

Got Kids? They may have an impact on your tax situation. Listed below are the top 10 things the IRS wants you to consider if you have children.

1. <b>Dependents:</b> In most cases, a child can be claimed as a dependent in the year they were born. For more information see IRS Publication 501, Exemptions, Standard Deduction, and Filing Information.

2. <b>Child Tax Credit:</b> You may be able to take this credit on your tax return for each of your children under age 17. If you do not benefit from the full amount of the Child Tax Credit, you may be eligible for the Additional Child Tax Credit. The Additional Child Tax Credit is a refundable credit and may give you a refund even if you do not owe any tax. For more information see IRS Publication 972, Child Tax Credit.

3. <b>Child and Dependent Care Credit:</b> You may be able to claim the credit if you pay someone to care for your child under age 13 so that you can work or look for work. For more information see IRS Publication 503, Child and Dependent Care Expenses.

4. <b>Earned Income Tax Credit:</b> The EITC is a benefit for certain people who work and have earned income from wages, self-employment or farming. EITC reduces the amount of tax you owe and may also give you a refund. For more information see IRS Publication 596, Earned Income Credit.

5. <b>Adoption Credit:</b> You may be able to take a tax credit for qualifying expenses paid to adopt an eligible child. For more information see the instructions for IRS Form 8839, Qualified Adoption Expenses.

6. <b>Children with Earned Income:</b> If your child has income earned from working they may be required to file a tax return. For more information see IRS Publication 501.

7. <b>Children with Investment Income:</b> Under certain circumstances a child's investment income may be taxed at the parent's tax rate. For more information see IRS Publication 929, Tax Rules for Children and Dependents.

8. <b>Coverdell Education Savings Account:</b> This savings account is used to pay qualified educational expenses at an eligible educational institution. Contributions are not deductible; however, qualified distributions generally are tax-free. For more information see IRS Publication 970, Tax Benefits for Education.

9. <b>Higher Education Credits:</b> Education tax credits can help offset the costs of education. The American Opportunity and the Lifetime Learning Credit are education credits that reduce your federal income tax dollar-for-dollar, unlike a deduction, which reduces your taxable income. For more information see IRS Publication 970.

10. <b>Student Loan Interest:</B> You may be able to deduct interest you pay on a qualified student loan. The deduction is claimed as an adjustment to income so you do not need to itemize your deductions. For more information see IRS Publication 970.

The forms and publications on these topics can be found on http://www.IRS.gov or by calling 800-TAX-FORM (800-829-3676).

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