Families raising a special needs child are often unaware of significant tax benefits that would allow them to retain a larger share of their hard-earned income. This article serves as an introduction to the federal income tax deductions and credits that may be available to these taxpayers.
As a premilinary note, the financial benefit derived from a deduction depends upon the individual’s marginal tax rate, which will range between 10 and 35 percent. A tax credit, on the other hand, is significantly more beneficial since the credit is a dollar-for-dollar reduction in tax liability.
Medical Expenses
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