Tax Season: Key Credits Parents Should Know Before Filing

Millions of parents are filing taxes, but many are missing out on valuable credits and deductions.

Published on Feb. 20, 2026

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As tax season is in full swing, millions of parents are filing their returns. However, the process can be confusing and overwhelming, leading many to miss out on valuable tax credits and deductions they qualify for. Experts warn that the IRS will not automatically catch these oversights, potentially costing families thousands of dollars. Key credits parents should be aware of include the Child Tax Credit, Child and Dependent Care Credit, Earned Income Tax Credit, and Adoption Credit.

Why it matters

Tax credits and deductions can make a significant difference in the amount of taxes owed or refund received by families. Missing out on these benefits can be costly, especially for lower- and middle-income households. Understanding the eligibility rules and properly claiming these credits is crucial for parents to maximize their tax savings.

The details

Some of the key tax credits and deductions parents should be aware of include the Child Tax Credit (up to $2,200 per qualifying child), the Child and Dependent Care Credit (up to $2,100 for two or more children), the Earned Income Tax Credit (up to $8,000 for families with three or more children), and the Adoption Credit (up to $17,280 per eligible child). Divorce and shared custody arrangements can also complicate who is eligible to claim a child as a dependent, so it's important for parents to review IRS rules carefully.

  • The federal tax filing deadline is April 15, 2026.

The players

Mark Steber

Chief Tax Information Officer for Jackson Hewitt.

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What they’re saying

“The number one mistake, which really canvasses all of tax return preparation, is that if you leave off a benefit, the IRS will catch that and just send you more money later. And nothing could be more incorrect or far from the truth.”

— Mark Steber, Chief Tax Information Officer (wbal.com)

What’s next

Parents who have experienced major life changes, such as having a child, adopting, divorcing, or modifying custody arrangements, should review IRS eligibility rules carefully or consult a qualified tax professional before filing their taxes.

The takeaway

Understanding and properly claiming available tax credits and deductions can make a significant difference in the amount of taxes owed or refund received by families. Parents should be proactive in researching the credits they may qualify for to maximize their tax savings, as the IRS will not automatically catch missed benefits.