File Photo
Parents could be missing out on claiming a tax credit that could save them almost €2,000 per year.
If you care for a child on your own, you may be entitled to claim a tax credit called the Single Person Child Carer Credit (SPCCC).
According to Revenue only one parent or guardian of a child can claim the SPCCC in a tax year. You may only claim one credit, even if you care for more than one child.
This credit came into effect on 1 January 2014. The value of this tax credit is €1,750 per year. This will reduce the tax you pay by €33.65 per week.
You may also be entitled to an increased rate band of €4,000. This is an additional €4,000 at the 20% tax rate. If you are due the SPCCC, then you are automatically due the increased rate band, Revenue outlines on its website.
You can check if you qualify for the allowance here
Subscribe or register today to discover more from DonegalLive.ie
Buy the e-paper of the Donegal Democrat, Donegal People's Press, Donegal Post and Inish Times here for instant access to Donegal's premier news titles.
Keep up with the latest news from Donegal with our daily newsletter featuring the most important stories of the day delivered to your inbox every evening at 5pm.