It is now possible to declare your income for the year 2023. Among the information to be notified, some concerns children. If you are parents, don’t forget to fill in these boxes to reduce your tax amount.
Since April 11, 2024, you can declare your income for the year 2023. Depending on your place of residence, the deadlines vary, going up to May 23 for certain departments (numbers 1 to 19 and non-residents) , until May 30 for others (departments numbers 20 to 54), and until June 6 for others (departments numbers 55 to 976).
While filing your taxes can be a real headache, looking into it carefully can help you make big savings. Especially if you are parents! Indeed, there are several tax measures that can significantly reduce the tax burden for households with children. Some examples include the family quotient, tax credits for childcare costs or even tax reductions linked to education expenses.
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1. The family quotient
If this seems obvious, you must start by declaring your children. It is necessary to know the structure of the tax household to determine the family quotient. It makes it possible to calculate the amount of income tax by taking into consideration the number of tax shares allocated to each taxpayer based on their family situation. Taxpayers with dependents benefit from an additional number of shares, which results in a reduction in their tax liability.
The first two children are entitled to half a share of the family quotient each. From the third and beyond, each additional child gives the right to a full share of the family quotient. For the year 2023, the tax saving resulting from the application of the family quotient is capped at 1,759 euros for each half-share.
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2. Alimony
When a couple divorces or separates, one of the spouses, who does not have the child(ren) in their tax household, may be required to pay alimony to the other. In the case where the child is an adult and without resources, such as a student for example, it can be deducted from taxes by the parent who pays it, subject to meeting the legal conditions. “The parent concerned can deduct up to 30% of the total amount up to a limit of 6,674 euros”explains to Actu.fr Pauline Tessier, insurance agent at AXA.
If you have an adult child, you can also keep him in your tax household until he is 21 and up to 25 if he is pursuing higher education. This can sometimes be more beneficial. The choice between payment of alimony and attachment depends on several criteria including:
- the marginal tax rate
- the possibility or not of justifying the sums paid
- the benefit of a full share from the third child
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3. Child care costs
Taking care of your children also reduces your income tax. Indeed, parents who have their child under 6 looked after outside their home, whether in a daycare, a crèche, or with a childminder, can benefit from a tax credit equal to 50% of the we are committed, within the limit of 2,300 euros per child. This means that they can obtain a maximum tax benefit of 1150 euros per child for these childcare expenses.
Furthermore, expenses linked to the employment of an employee in your home, whether for home lessons or home care, also entitle you to a 50% tax credit. The amount of eligible expenses is capped at 12,000 euros, with an increase of 1,500 euros per dependent, up to a total limit of 15,000 euros.
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4. Tuition fees
Children’s school fees may qualify for a tax reduction for parents. The amount of this reduction varies depending on the child’s educational level:
- 61 euros for a child in college
- 153 euros for a child in high school
- 183 euros for a child in higher education
Please note: it is important to note that the child’s educational situation must be assessed on December 31 of the tax year to be able to benefit from this tax reduction.
To benefit from this tax reduction linked to tuition fees, parents must provide certain information in their income tax return to allow the administration to verify their eligibility and calculate the amount. For each child concerned, they must indicate:
- his first and last name
- the name of the school or higher education establishment in which he is registered
- the child’s grade or level of education
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Rights of women and children, violence, feminism, gender, discrimination, parenthood, education, psychology, health, couple, sexuality, social networks…. Joséphine loves deciphering all the social issues that drive our world…