Mediating Child Tax Credit

By: Dr. Justin Wood, Th.d., CJME

Mediating child tax credits or yearly tax deductions is very important to put your mind at ease while reducing stress at the end of every year. Parents rely on this extra income or reduction in taxes to offset their loss of income from taxes. 

You Have Options

Their are many options for resolving this dilemma from one parent every year taking the credit to alternating years to dividing several children between the parents to one parent taking the credit and giving a portion to the other parent to …..  There are never ending options which are only limited by your imagination. 

Start Early

Early negotiation on this matter is key to finding a beneficial solution that fits both parents. Leaving this open or making the decision at the end of each year is also an option but many want a predicted yearly outcome. However you wish to resolve this, meeting at the table early on before something happens to limit solutions or a miscommunication occurs is best for you, your former spouse and the children.  Mediat