How much will I get back in taxes if I have a dependent?
It's impossible to give you an exact number, however, claiming a dependent on a tax return is tied to a number of tax related benefits. Taxpayers who claim dependents can claim an additional personal exemption for each dependent. Also, taxpayers may be eligible to claim the child tax credit, the child and dependent care tax credit, and the earned income tax credit. ChaCha!
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About Tax Credit
Tax credits are deducted from the various forms of tax, which must be filed through the federal government, state, or local municipality. Most people think of tax credits as a discount.
About Income Tax
The Income Tax is a tax imposed by the Federal, most states and local governments. The income tax is determined by applying a tax rate to an income bracket. In 2011, taxes are due on April 15th.
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