Tax Credit Consulting: Family Tax Credit Hayden ID
Title: Managing Partner
Company: Burks Wealth Management
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U of Idaho/B.S. - Marketing
Boise State University - MBA
Years Experience: 15
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Tax Credit Consulting: Family Tax Credit
Family Tax Credit
The United Kingdom offers several tax credits that are designed for working family and their dependent children. The United States does not have a similar Family Tax Credit, but rather uses the Earned Income Credit for the same purposes.
In the United Kingdom, there is a specific tax credit that is called the Family Tax Credit. It is also known as the "Working family tax credit" and is associated with a Child Tax credit. The United States relies more on the Earned Income Credit (EIC) to deal with the issue of tax relief to low income working families. The Earned Income Credit is just one credit, and indeed deduction, that could be classified under the general heading of Family Tax Credits.
Some States, Minnesota is one; offer a tax credit from State Income Tax that is called a Family Tax Credit. This credit is available for residents who have already qualified and filed for the Earned Income Credit. Other States have various credits that are designed to encourage and support working families or families with special needs.
The tax laws have often been used to support social customs that are deemed in the best interest of society. The Government has a stake both in helping families and caring for children. Children who are properly cared for within a family setting are going to be much less of a social and financial burden on the country than children who become wards of the State. This is why many States offer tax credits that tend to ease the tax burden on families with children.
Many federal tax credits could be considered family tax credits, such as the credit to a business that maintains facilities and staff for employer sponsored child care for working parents. This is just one of many examples of the types of tax credits that have strengthening of families as a goal. This is especially true of working families. The Welfare-to-Work credit is designed with the idea of moving people, even those with children, from the welfare roll...