Raising kids is costly. That’s true of biological kids, kids you may adopt and the children of relatives that you may be raising, such as your grandkids. Thankfully, there are several tax breaks that may help. Here’s what you need to know: to qualify for tax breaks for your dependent kids, each will need their own Social Security number, Adoption Tax ID number, or Individual Tax ID number. Adding a dependent to your household may reduce your tax bill, so check your withholding. Also, you may be eligible for the Child Tax Credit, the Credit for Other Dependents, the Adoption Tax Credit and the Earned Income Tax Credit. Here’s more information from the IRS: https://bit.ly/46K72iQ
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