8 Best Credit Cards for New Parents of 2020

The best credit cards for new parents are those that reward the categories where you spend the most. Below, CNBC Select rounds up eight common spending categories for new parents and the best corresponding credit card to use for each. Learn more: The best gas rewards credit cards of 20203. Learn more: Best credit cards for all your fitness expenses in 20204. Learn more: The best credit card for people who love shopping on Amazon6.


The best credit cards for new parents are those that reward the categories where you spend the most.
Below, CNBC Select rounds up eight common spending categories for new parents and the best corresponding credit card to use for each.
Learn more: The best gas rewards credit cards of 20203.
Learn more: Best credit cards for all your fitness expenses in 20204.
Learn more: The best credit card for people who love shopping on Amazon6.
8 Best Credit Cards for New Parents of 2020 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-02-20  Authors: elizabeth gravier, alexandria white
Keywords: news, cnbc, companies, rewards, credit, cards, parents, pay, 2020, best, visa, card, amazon, cash, signature


8 Best Credit Cards for New Parents of 2020

A lot changes when you have a child, and that includes your everyday expenses. From buying packs of diapers in bulk, to frequenting the grocery aisles for baby food and browsing Amazon for newborn everything, your now-expanded shopping list may mean it’s time to open a credit card that fits your growing family’s needs. The best credit cards for new parents are those that reward the categories where you spend the most. Whether it’s a rewards card or a cash-back card, there are many options to choose from that help ease the financial burden of becoming a new parent. Below, CNBC Select rounds up eight common spending categories for new parents and the best corresponding credit card to use for each.

Best credit cards for new parents

For making the grocery store rounds For driving to appointments and playdates For squeezing in a workout For the frequent Target or Walmart run For filling up your Amazon cart For the times when you forget to pay your credit card bill For kickstarting your kid’s college fund For earning money back

1. For making the grocery store rounds

2. For driving to appointments and playdates

The PenFed Platinum Rewards Visa Signature® Card currently offers the highest rewards rate at gas stations, with 5X points per dollar spent. If you want to maximize rewards at gas stations while transporting your little one, this card can earn the average American $111 annually, based on CNBC Select calculations. This card has no annual fee, so you can really save on the road. PenFed is a credit union, so membership is required to open the PenFed Platinum Rewards Visa Signature® Card. Learn more: The best gas rewards credit cards of 2020

3. For squeezing in a workout

Whether it entails enrolling in a gym membership or using fitness equipment in the comfort of your own home, getting exercise is a good outlet for any new parent. With the U.S. Bank Cash+™ Visa Signature® Card, you can earn up to 5% cash back at gyms and fitness centers. This was the only card CNBC Select could find that offers bonus rewards, more than 2%, on eligible gyms. Gyms and fitness clubs are considered one category, and popular merchants include SoulCycle, LA Fitness and Equinox. Check out the full list of eligible gyms and fitness centers. Cardholders can also benefit from 5% cash back on two bonus categories each quarter, including home utilities and department stores (which pairs nicely with making your home baby-friendly). Learn more: Best credit cards for all your fitness expenses in 2020

4. For the frequent Target or Walmart run

5. For filling up your Amazon cart

If you see yourself ordering all the baby basics online, you should consider getting an Amazon credit card. Although the Amazon Prime Rewards Visa Signature Card, offered through Chase, requires users to have an eligible Amazon Prime membership ($119 annually, or $12.99 a month), the company’s branded credit card offers the highest rewards return: a robust 5% cash back at Amazon.com and Whole Foods Market. Amazon Prime membership gives you access to a number of perks, including free two-day shipping, access to Prime Video and exclusive discounts at Whole Foods (that grocery list is looking less daunting). When you sign up for the card, you receive a $70 Amazon.com gift card automatically after account approval. This welcome bonus could be a great way to help fund a new nursery in your home, or gift your partner something special for being a new parent. Learn more: The best credit card for people who love shopping on Amazon

6. For the times when you forget to pay your credit card bill

Now that your life just got a whole lot busier, it’s only normal that other things may sometimes fall by the wayside — like paying your bills on time. We always recommend you pay your credit card balance on time and in full every month to avoid paying interest, but if you find yourself sometimes slipping, the Citi Simplicity® Card may be right for you. The card has a guaranteed no penalty rate, no late fees if you miss a credit card payment and no annual fee. The Citi Simplicity® Card also ranked on CNBC Select’s list of the best balance transfer credit cards because it has one of the longest 0% intro APR periods out there, offering you a long stretch of time to pay off any revolving credit card debt while starting a family. New cardmembers can get nearly two years (21 months) of of interest-free financing on balance transfers (after 16.24% to 26.24% variable APR). This can be helpful if you have a large balance or if your cash flow doesn’t allow you to pay off debt within the 6-, 12-, 15- or 18-month time periods of other balance transfer cards. Learn more: Citi Simplicity card review: Pay off your debt with 21 months of no interest on balance transfers

7. For kickstarting your kid’s college fund

It’s never too early to start saving for your child’s education. 529 college savings credit cards are your best bet when planning for future college costs. These credit cards automatically deposit cash-back rewards from all your purchases into a 529 plan that you can open for your child. A 529 plan is a specialized savings account where the money is used to pay for the beneficiary’s college expenses and K-12 tuition, tax-free. 529 cards, such as the Fidelity® Rewards Visa Signature® Card that offers 2% cash back on purchases and the Upromise® Mastercard® that offers 1.25% cash back, put money directly into your kid’s college savings without your having to think about it. But while these credit cards can be helpful in encouraging you to save money for your child’s college education, we don’t recommend relying on these alone to fund it.

8. For earning money back

With all the additional spending ahead of you, it helps to have a credit card that simply lets you earn cash back on all of your purchases. The Citi® Double Cash Card is one of the best no-annual-fee credit cards because of its straightforward and flat-rate, cash-back rewards program. Cardholders earn 2% cash back on all purchases — 1% when you make a purchase and an additional 1% when you pay your credit card bill. With no limit to the amount you can earn back, new parents can really cash in on spending for the newborn in their lives. Cash back can be redeemed for a statement credit or direct deposit, and you don’t have to worry about activating bonus categories and tracking your purchases with this card. Learn more: Here’s why the Citi Double Cash Card is the best way to earn cash back—without paying an annual fee Information about the PenFed Platinum Rewards Visa Signature® Card, Target REDCard, Capital One® Walmart Rewards™ Card, Walmart Rewards™ Card, Amazon Prime Rewards Visa Signature Card, and Fidelity® Rewards Visa Signature® Card has been collected independently by CNBC and has not been reviewed or provided by the issuer of the cards prior to publication.

Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the CNBC Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.


Company: cnbc, Activity: cnbc, Date: 2020-02-20  Authors: elizabeth gravier, alexandria white
Keywords: news, cnbc, companies, rewards, credit, cards, parents, pay, 2020, best, visa, card, amazon, cash, signature


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Student aid secret: Even high-income families can qualify

As college costs soar, financial aid can make all the difference. Still, many families wrongfully assume they won’t qualify and don’t even bother to apply. Merit aidNeed-based aidAside from merit aid, even high-income families could still qualify for need-based assistance. Kalman Chany financial aid consultantFor example, a school may not consider a non-custodial parent’s income, even if it exceeds $400,000 or $500,000, Chany said. And if your family has two children enrolled in college, that’s


As college costs soar, financial aid can make all the difference.
Still, many families wrongfully assume they won’t qualify and don’t even bother to apply.
Merit aidNeed-based aidAside from merit aid, even high-income families could still qualify for need-based assistance.
Kalman Chany financial aid consultantFor example, a school may not consider a non-custodial parent’s income, even if it exceeds $400,000 or $500,000, Chany said.
And if your family has two children enrolled in college, that’s
Student aid secret: Even high-income families can qualify Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-02-20  Authors: jessica dickler
Keywords: news, cnbc, companies, families, student, schools, thats, income, financial, secret, chany, qualify, parents, students, assume, aid, highincome


Student aid secret: Even high-income families can qualify

As college costs soar, financial aid can make all the difference. Still, many families wrongfully assume they won’t qualify and don’t even bother to apply. Each year, more than 1.7 million private scholarships and fellowships are awarded, worth more than $7.4 billion. Your family’s income doesn’t have to stand in the way. In fact, qualifying for such aid is often not based on income at all.

Merit aid

Need-based aid

Aside from merit aid, even high-income families could still qualify for need-based assistance. “That’s a mistake, to assume you are ineligible,” said Kalman Chany, a financial aid consultant and author of the Princeton Review’s “Paying for College.”

That’s a mistake to assume you are ineligible. Kalman Chany financial aid consultant

For example, a school may not consider a non-custodial parent’s income, even if it exceeds $400,000 or $500,000, Chany said. “If you are divorced and the non-custodial parent, they may only look at the other parent’s information.” There’s also more to determining a student’s aid than income and savings alone, such as the school’s cost of attendance or the number of college-age siblings. “Some schools will give you need-based money even if you don’t demonstrate need because they are getting price resistance,” Chany said. And if your family has two children enrolled in college, that’s like dividing the parent’s income in half, he added.

File the FAFSA

To access any of that assistance, students must file a Free Application for Federal Student Aid form, which serves as the gateway to all federal money including loans, work-study and grants.


Company: cnbc, Activity: cnbc, Date: 2020-02-20  Authors: jessica dickler
Keywords: news, cnbc, companies, families, student, schools, thats, income, financial, secret, chany, qualify, parents, students, assume, aid, highincome


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Coronavirus outbreak forces China’s after-school activities to shut down — or move online

Longer term, this could make online tutoring more acceptable to once hesitant parents and potentially contribute longer term to online tutoring penetration in China, in our view. “Obviously, almost all online schools would see a rise of enrollment during the outbreak, although there is no public data available yet,” Lü Tao said, according to a CNBC translation of her Mandarin-language remarks. After-school tutoring company TAL Education, which operates online and offline courses, claims more tha


Longer term, this could make online tutoring more acceptable to once hesitant parents and potentially contribute longer term to online tutoring penetration in China, in our view.
“Obviously, almost all online schools would see a rise of enrollment during the outbreak, although there is no public data available yet,” Lü Tao said, according to a CNBC translation of her Mandarin-language remarks.
After-school tutoring company TAL Education, which operates online and offline courses, claims more tha
Coronavirus outbreak forces China’s after-school activities to shut down — or move online Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-02-19  Authors: wendy ye
Keywords: news, cnbc, companies, outbreak, term, afterschool, parents, chinas, company, activities, tutoring, education, school, coronavirus, virus, shut, online, china, schools, forces


Coronavirus outbreak forces China's after-school activities to shut down — or move online

Chinese students of Fuyang No.5 Middle School study in a classroom at night for upcoming National College Entrance Examination (Gaokao) on May 29, 2018 in Fuyang, China. Visual China Group | Getty Images

As local governments in China delay the re-opening of schools to limit the spread of the new virus, parents and institutions are turning to online education, putting pressure on industry players to deliver. Online classes accounted for less than 10% of revenue since Beijing-based after-school operator Zhuoyue Youcai Education Technology launched its digital program two years ago, said Lü Fei, department headmaster, according to a CNBC translation of his Mandarin-language remarks. Now, it’s the only way for the company to generate cash. All of the company’s classes have moved online even though they charge less than offline courses — but that would also cut their usual income by about 40%, Lü Fei said. “It’s just a choice between zero and something.”

Longer term, this could make online tutoring more acceptable to once hesitant parents and potentially contribute longer term to online tutoring penetration in China, in our view. Alex Liu and Don Lau analysts, China Renaissance

China’s roughly 276 million school children were heading into the month-long Lunar New Year school break when the new coronavirus hit. The disease has killed more than 2,000 people in China, and infected tens of thousands, prompting many provinces to delay the resumption of the school year for weeks. However, a society that prizes good education is not going to let a virus stop their children from learning. Some parents have signed up for online classes because they are afraid their children won’t be able to keep up with their peers when schools re-open. Many provinces and schools have also requested that children tune into online courses during this time. In many areas, local governments have banned offline institutions from operating in an effort to limit the spread of the virus. “Longer term, this could make online tutoring more acceptable to once hesitant parents and potentially contribute longer term to online tutoring penetration in China, in our view,” China Renaissance analysts Alex Liu and Don Lau said in a Feb. 3 report.

Software engineers at 17EdTech, which sells products and services to public school systems for online education, have been working day and night since Jan. 23 to deal with overwhelming demand and maintain availability of its online products, spokesperson Lü Tao said last week. “Obviously, almost all online schools would see a rise of enrollment during the outbreak, although there is no public data available yet,” Lü Tao said, according to a CNBC translation of her Mandarin-language remarks.

Competitive market

Big, established players in China’s education market are trying to make the most of the trend in what can be a highly competitive market. After-school tutoring company TAL Education, which operates online and offline courses, claims more than 2.3 million student enrollments in the quarter ended Nov. 30. In its race to grab market share in online education, the company has built up an artificial intelligence research lab, and spent heavily on promotional campaigns for its online school Xueersi. Last summer, campaign spending alone likely topped 1 billion yuan ($143 million), according to Chinese media reports.

When asked about the figure, TAL referred CNBC to its financial reports. Since the virus hit, the company has stepped up its advertising for the online school on China’s Twitter-like Weibo platform and other Chinese social media. Shares of the U.S.-listed company are up more than 20% for the year so far. Those of competitor New Oriental Education have climbed more than 14% over the same time period, while shares of New Oriental’s Hong Kong-listed online education subsidiary Koolearn have surged about 75% for the year so far through midday Wednesday.

Tough times for offline education


Company: cnbc, Activity: cnbc, Date: 2020-02-19  Authors: wendy ye
Keywords: news, cnbc, companies, outbreak, term, afterschool, parents, chinas, company, activities, tutoring, education, school, coronavirus, virus, shut, online, china, schools, forces


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4 of the best days of the year to make money babysitting

But whatever your local going rate, there are days throughout the year when parents are more likely to need your babysitting help — and might pay more than usual. New Year’s EveNew Year’s Eve was the most popular holiday for parents to post babysitting jobs in 2019, according to Care.com, which means New Year’s Eve offers an abundance of opportunities to pick up some work. Valentine’s DayThe second most popular holiday for parents to post babysitting jobs in 2019 was Valentine’s Day, with averag


But whatever your local going rate, there are days throughout the year when parents are more likely to need your babysitting help — and might pay more than usual.
New Year’s EveNew Year’s Eve was the most popular holiday for parents to post babysitting jobs in 2019, according to Care.com, which means New Year’s Eve offers an abundance of opportunities to pick up some work.
Valentine’s DayThe second most popular holiday for parents to post babysitting jobs in 2019 was Valentine’s Day, with averag
4 of the best days of the year to make money babysitting Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-02-13  Authors: gili malinsky
Keywords: news, cnbc, companies, money, pay, days, jobs, babysitting, holiday, parents, carecom, valentines, according, best, average, night


4 of the best days of the year to make money babysitting

The average babysitter makes $16.50 per hour in the U.S., according to Sittercity. That varies by city and the number of kids you’re watching. But whatever your local going rate, there are days throughout the year when parents are more likely to need your babysitting help — and might pay more than usual. If you’re interested in picking up some extra cash, consider listing your child-care services on sites like Care.com, Sittercity, or Sitter, and make sure to book a night of work on any of the following throughout the year.

1. New Year’s Eve

New Year’s Eve was the most popular holiday for parents to post babysitting jobs in 2019, according to Care.com, which means New Year’s Eve offers an abundance of opportunities to pick up some work. And the average hourly rate for a babysitter on New Year’s in 2019 was 20% higher than on any other night of the year, according to WalletHub. If you want to maximize your earnings, consider keeping your calendar open.

2. Valentine’s Day

The second most popular holiday for parents to post babysitting jobs in 2019 was Valentine’s Day, with average hourly rates varying from about $14 to about $19, according to Care.com. This year, 34% of couples plan to have a night out on Valentine’s Day, according to WalletHub, so it’s a good opportunity to sign up on the sites or reach out to the parents that you know and offer your services.

Video by Stephen Parkhurst

3. Christmas Day

The most expensive holidays to hire a sitter are ones on which they’re most likely to have their own plans. With as many as 90% of Americans saying they celebrate Christmas, according to the Pew Research Center, December 25 could be a great time to book a babysitting gig: Clients understand they’re pulling you away from your own celebrations and could potentially pay more than usual. The first two weeks of December, when parents see a lot of holiday invites, drive up demand for babysitters as well, according to babysitting app Bambino. Being on the lookout for jobs throughout the season is smart — clients feeling the holiday spirit may pay, and tip, more generously, too.

4. Fourth of July


Company: cnbc, Activity: cnbc, Date: 2020-02-13  Authors: gili malinsky
Keywords: news, cnbc, companies, money, pay, days, jobs, babysitting, holiday, parents, carecom, valentines, according, best, average, night


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‘She’s my mom. I’m not going to let something bad happen to her.’ How 3 millennials are helping their parents save for retirement

“Throughout my whole working life it’s been, I have to make money so I don’t have to ask my parents for money,” says Jenny. I’m making six figures, of course I’m going to support them. “I’m making six figures, of course I’m going to support them.” Her father took most of the money, Sarah says, along with the house, leaving her mother with virtually no safety net. “As of now, economically speaking, I don’t see it being possible for her to step out on her own and plan for retirement,” Howard tells


“Throughout my whole working life it’s been, I have to make money so I don’t have to ask my parents for money,” says Jenny.
I’m making six figures, of course I’m going to support them.
“I’m making six figures, of course I’m going to support them.”
Her father took most of the money, Sarah says, along with the house, leaving her mother with virtually no safety net.
“As of now, economically speaking, I don’t see it being possible for her to step out on her own and plan for retirement,” Howard tells
‘She’s my mom. I’m not going to let something bad happen to her.’ How 3 millennials are helping their parents save for retirement Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-02-11  Authors: alicia adamczyk
Keywords: news, cnbc, companies, parents, mother, sarah, money, jenny, save, howard, wife, helping, retirement, millennials, let, mom, support, happen, shes


'She's my mom. I'm not going to let something bad happen to her.' How 3 millennials are helping their parents save for retirement

Are you helping your parents with their finances while working toward your own goals? Email reporter Alicia Adamczyk at alicia.adamczyk@nbcuni.com if you’re interested in being featured in a future Make It article. Growing up, Jenny W.* knew not to expect birthday presents. The 29-year-old’s parents immigrated to New York City from China before she was born, and while they worked hard and made enough to get by — never earning more than around $30,000 a year, Jenny says, often qualifying them for food stamps and Medicaid — Jenny and her two younger siblings knew their parents didn’t have extra money to hand out to their kids. She isn’t resentful. Her parents moved to the U.S. to offer their children more opportunities, for which she is grateful. As the oldest, she feels a sense of duty to her parents, and much of her life plan has revolved around getting a high-paying job in order to repay her parents for their sacrifice, she tells CNBC Make It. “Throughout my whole working life it’s been, I have to make money so I don’t have to ask my parents for money,” says Jenny. “My most lofty financial goal is to support my parents in their old age.” She earns a base salary of $135,000 per year in IT, but keeps her expenses low. Besides the occasional trip with friends, much of her money goes to her parents and siblings to cover most of their expenses, including rent, bills and medication. She doesn’t really date — it’s cheaper to be single, plus she values her independence — and prefers to save and invest her money in a way that “feels like I’m living on $50,000.”

They could have gotten much better jobs in their home countries, and they gave it all up to come here to do honest but menial work. I’m making six figures, of course I’m going to support them. Jenny W.

“They could have gotten much better jobs in their home countries, and they gave it all up to come here to do honest but menial work,” she says, noting that her parents have worked as housekeepers and cooks. “I’m making six figures, of course I’m going to support them.”

Boomers are behind on retirement savings

Stepping up after divorce

Sarah H.*, a 33-year-old marketing executive living in Austin, Texas, first started giving her mother money when her parents divorced in 2009. Her father took most of the money, Sarah says, along with the house, leaving her mother with virtually no safety net. While she works full time, her 63-year-old mother often struggles to cover her bills month-to-month, never mind put money away for retirement. Like Jenny, Sarah’s career path has been shaped by the realization that she would have to care for her mother. She switched careers at 28, partly because she knew she’d have to care for her mother, and now makes over $100,000 per year. While she doesn’t regret the change, and is happy to be more financially comfortable, she always has her mother’s needs — now and in the future — in the back of her mind.

When Sarah and her wife got married, it was with the understanding that her mother would likely always need financial help. On top of sending her money for rent and other expenses, Sarah designated her mother as the recipient of a universal life insurance policy as a sort of ad hoc retirement plan. She expects to pay for her mother’s full cost of living one day, or have her move into the house Sarah and her wife share. A knee surgery on the horizon also has Sarah budgeting to pay for the expenses that aren’t covered by any short- or long-term disability payments her mother qualifies for. Sarah acknowledges that her mother has had a “tough life,” and that she feels some sense of responsibility for caring for her, particularly after what she describes as a nasty divorce. “She’s my mom,” says Sarah. “I’m not going to let something bad happen to her.”

‘A surprise blessing’

His parents’ divorce also led Brock Howard to offer financial support to his mother. Growing up, Howard’s family qualified for food stamps, until his father entered the computing industry and they “went from poverty to upper middle class pretty much overnight.” His mother was a stay at home mom until about a decade ago, when she became a pharmacy technician and was able to save and invest in a 401(k) for the first time. But when the 32-year-old’s parents divorced around a year ago, his father took half. His mother now lives with Howard and his wife and children. “As of now, economically speaking, I don’t see it being possible for her to step out on her own and plan for retirement,” Howard tells CNBC Make It. Howard and his wife pay the housing and utility bills, as well as his mother’s cell phone. They are also helping his mother set up some basic financial accounts, and plan to help with medical and long-term care costs in retirement. In return, Howard’s mother watches the kids, which saves the couple on child care.

I get frustrated that you get lumped up in the millennial bubble, that we’re seen as lazy and not planning and not working toward the future, or something bigger than ourselves. Brock Howard


Company: cnbc, Activity: cnbc, Date: 2020-02-11  Authors: alicia adamczyk
Keywords: news, cnbc, companies, parents, mother, sarah, money, jenny, save, howard, wife, helping, retirement, millennials, let, mom, support, happen, shes


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9 things new parents need to know before filing their taxes in 2020

This year, tax filing season started on January 27, 2020 and runs through Wednesday, April 15, 2020 for most taxpayers. Here’s a look at where parents could score some breaks and how to avoid some common, and potentially expensive, pitfalls when filing federal income taxes this year. There’s also a non-refundable $500 credit for other qualifying dependents who may not otherwise meet the requirements for the larger child tax credit. If you use child care, check with your employer to see if they o


This year, tax filing season started on January 27, 2020 and runs through Wednesday, April 15, 2020 for most taxpayers.
Here’s a look at where parents could score some breaks and how to avoid some common, and potentially expensive, pitfalls when filing federal income taxes this year.
There’s also a non-refundable $500 credit for other qualifying dependents who may not otherwise meet the requirements for the larger child tax credit.
If you use child care, check with your employer to see if they o
9 things new parents need to know before filing their taxes in 2020 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-02-11  Authors: megan leonhardt
Keywords: news, cnbc, companies, know, tax, money, 2020, parents, filing, credit, taxes, things, income, child, care, need, expenses


9 things new parents need to know before filing their taxes in 2020

Having a new baby can not only change your sleep patterns, it can also change how you file your taxes. Last year, almost three out of four Americans, 72%, received a tax refund, with the average amount being close to $3,000, according to a recent survey from TurboTax. This year, tax filing season started on January 27, 2020 and runs through Wednesday, April 15, 2020 for most taxpayers. The IRS is expecting to receive over 150 million individual tax returns for the 2019 tax year, with the vast majority coming in before the April 15 deadline. While you shouldn’t aim to get a return, that extra influx of money can be helpful, especially for new parents who are juggling all of the added expenses that come with having or adopting a baby. Thankfully, the IRS has quite a few breaks for parents that could help put extra money back in your pocket. “Dependents are worth a lot of valuable tax deductions and credits,” Lisa Greene-Lewis, certified public accountant and tax expert at TurboTax, tells CNBC Make It. Here’s a look at where parents could score some breaks and how to avoid some common, and potentially expensive, pitfalls when filing federal income taxes this year.

1. Make sure your child has social security number

“The most important thing to keep in mind when filing as a new parent is to make sure you have a proper tax ID number,” says Chris Cicalese, a CPA with New Jersey-based Alloy Silverstein Accountants and Advisors. In layman’s terms: a Social Security number. Typically, new parents fill out a birth registration form at the hospital, which has a box you can check to request a Social Security number. But if your baby wasn’t born in a hospital, or you somehow didn’t get a Social Security number through the birth registration form, you’ll need to make time to visit the nearest Social Security Administration (SSA) branch and request a number in person. You’ll need to fill out Form SS-5 and have documents to verify your child’s age, identity and citizenship status, such as a birth certificate, hospital birth record or other medical documents. One of these should ideally be your child’s birth certificate. You’ll need to bring a driver’s license or passport of your own as well.

2. Take advantage of the federal child tax credit

One of the biggest pitfalls new parents make is not claiming all the tax benefits that they’re entitled to, says Robert Tobey, a CPA based in New York with Grassi & Co. Families can deduct up to $2,000 from their federal income taxes for each qualifying child under 17. These are credits, so if your tax bill is $10,000 and you qualify for the maximum credit, your bill goes down to $8,000. Plus, up to $1,400 of the child tax credit is refundable this year. Even if you don’t owe any money to the IRS, you can get that money back as a refund as long as you’ve earned at least $2,500 to qualify. However, once a single taxpayer’s income reaches $200,000, or a couple’s income (filing married jointly) reaches $400,000, the credit “starts to phase out,” Tobey says. It’s still a good deal for most parents, though. “Tax credits are the best thing the tax law offers because credits reduce your tax liability dollar-for-dollar,” Tobey says.

There’s also a non-refundable $500 credit for other qualifying dependents who may not otherwise meet the requirements for the larger child tax credit. If you have children under 23 who are still living at home or if you are supporting grandchildren, you can claim the credit.

3. Don’t forget to deduct childcare

A “common mistake” that San Francisco-based CPA Larry Pon sees is that parents forget to claim child care expenses. “When you pay for someone to care for your child and utilize a daycare center, these expenses qualify for the dependent care credit,” he says. Parents who use a daycare or child care service may be eligible for the federal Child and Dependent Care Tax Credit (CDCTC) of up to 35% of these out-of-pocket costs up to $3,000 for one child or up to $6,000 for two or more. Again, this is a tax credit and refundable up to $1,400, so if you don’t owe the IRS any money and you apply this credit, you’ll get up to $1,400 back. The credit does have some limitations, Tobey says. It only applies to children under 13, or if you have older children with mental or physical disabilities who are unable to care for themselves. The percentage you can deduct ranges from 20% up to 35%, depending on your income level. The more you earn, the less you can deduct. If you use child care, check with your employer to see if they offer a child care flexible spending account. Similar to a health FSA, these accounts allow you contribute money tax-free toward your child care expenses. For someone in the 28% federal tax bracket, this income reduction means saving $280 in federal taxes for every $1,000 spent on dependent care with an FSA, Tobey says. You don’t need to itemize in order to take advantage of the child tax credit or the child and dependent care tax credit. “You can claim the standard deduction and still get the Dependent Care Credits,” says Pon.

4. Consider your filing status

How you classify yourself can affect how much you can deduct from your tax bill. The standard deduction for a single person in 2019 is $12,200, which is the amount of income that’s not subject to federal income tax. Basically, it’s the average break that the government gives right off the bat.

But if you’re a single parent, you can file as head of household, which has a bigger standard deduction of $18,350 for 2019 taxes. If you’re married and filing jointly, having a child won’t change your filing status.

5. Itemize medical expenses

“If you’ve had a baby, gather up your medical bills,” Greene-Lewis says. You can get a tax break on these expenses, but only if you itemize your return. For those filing 2019 taxes, you can deduct the total out-of-pocket costs of qualified medical expenses for the year that exceed 7.5% of your adjusted gross income. That’s your total gross income minus any student loan payments or contributions to IRAs and HSAs you’ve made throughout the year. Say you make $50,000 and your student loan payments and IRA contributions add up to $5,000 for the year. That means your adjusted gross income is $45,000. After insurance, the cost of having your baby came to about $6,800. To figure out your deduction, multiply $45,000 by 0.075 (7.5%). That comes to $3,375, which means any money you’ve spent above that amount can be deducted. In this case, that would be $3,425.

6. Adoptions get credit too

For those who welcomed a new child to the family via adoption, there’s a credit for you as well. For the 2019 tax season, you can get a tax credit for all qualifying adoption expenses up to $14,080 per child, according to the IRS. Those expenses include reasonable adoption fees, court costs and travel expenses. If you adopt a special needs child from within the U.S., you can claim the entire credit, even if your adoption costs were less than $14,080. Keep in mind that adopting a child of your spouse, however, doesn’t count toward the credit. You don’t need to itemize in order to take advantage of the adoption credit either, Pon says.

7. Open a 529

Once you have a child, it’s generally a good idea to set up a 529 plan for college savings if you have room in your budget to do so. Pon suggests new parents consider adding $500 per month to the plan. “You will be amazed at how much that account grows by the time your child goes to college,” he says. He opened one for his daughter and put away $500 a month, plus some extra contributions from grandparents over the years. “My daughter is now a junior in college and she has plenty of money in her 529 plan to cover her remaining expenses with enough left over if she wants to go to graduate school,” Pon says.

Not only does the money you put in a 529 plan grow tax-free, but some states offer tax breaks as well. Arizona, Kansas, Minnesota, Missouri, Montana and Pennsylvania offer a tax deduction for those contributing to any 529 plan, including out-of-state plans, while about two dozen states offer tax breaks for residents contributing to their state-sponsored 529 plan, according to Blackrock.

8. Carefully consider if and how you hire a nanny

If you have an outside caregiver take care of your kids at home, you may need to pay the so-called “Nanny Tax.” Essentially, if you have a nanny, the IRS may view you as an employer, so you’ll need to file the appropriate paperwork and additional taxes. “You may be subject to household employee taxes, where you would have to pay some of the employment taxes for them,” Greene-Lewis says. That includes Social Security, Medicare and unemployment. This can also include adult babysitters, especially if they’re routinely watching your children every weekend for even a nominal amount, like $50. The nanny tax doesn’t apply if the babysitter is under 18 or if they’re a grandparent. You can also avoid this tax if you hire child care providers through an agency, since they will be responsible for paying the associated tax.

9. Update your W-4


Company: cnbc, Activity: cnbc, Date: 2020-02-11  Authors: megan leonhardt
Keywords: news, cnbc, companies, know, tax, money, 2020, parents, filing, credit, taxes, things, income, child, care, need, expenses


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Popeyes parent’s stock jumps as chicken sandwich drives sales; earnings top estimates

The return of Popeyes’ chicken sandwich helped parent company Restaurant Brands International top analysts’ expectations for its quarterly earnings and revenue. Popeyes Louisiana Kitchen’s chicken sandwich returned to restaurants in early November, helping the fried chicken chain’s same-store sales grow by 34% during the quarter. Burger King’s same-store sales grew by 2.8%. Its U.S. same-store sales growth was slower this quarter, rising only 0.6%. Analysts were expecting U.S. same-store sales g


The return of Popeyes’ chicken sandwich helped parent company Restaurant Brands International top analysts’ expectations for its quarterly earnings and revenue.
Popeyes Louisiana Kitchen’s chicken sandwich returned to restaurants in early November, helping the fried chicken chain’s same-store sales grow by 34% during the quarter.
Burger King’s same-store sales grew by 2.8%.
Its U.S. same-store sales growth was slower this quarter, rising only 0.6%.
Analysts were expecting U.S. same-store sales g
Popeyes parent’s stock jumps as chicken sandwich drives sales; earnings top estimates Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-02-10  Authors: amelia lucas
Keywords: news, cnbc, companies, jumps, stock, brands, chicken, share, samestore, sales, parents, popeyes, analysts, earnings, drives, company, restaurant, quarter, cents, sandwich, estimates


Popeyes parent's stock jumps as chicken sandwich drives sales; earnings top estimates

The return of Popeyes’ chicken sandwich helped parent company Restaurant Brands International top analysts’ expectations for its quarterly earnings and revenue.

Shares of the company jumped nearly 4% in premarket trading on Monday.

Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:

Earnings per share: 75 cents, adjusted, vs. 73 cents expected

Revenue: $1.48 billion vs. $1.46 billion expected

Burger King’s parent company reported fiscal fourth-quarter net income of $257 million, or 54 cents per share, down from $301 million, or 64 cents per share, a year earlier.

Excluding expenses from relocating support centers and other items, Restaurant Brands earned 75 cents per share, beating the 73 cents per share expected by analysts surveyed by Refinitiv.

Net sales rose 6.8% to $1.48 billion, topping expectations of $1.46 billion.

Popeyes Louisiana Kitchen’s chicken sandwich returned to restaurants in early November, helping the fried chicken chain’s same-store sales grow by 34% during the quarter. Popeyes originally introduced the sandwich nationwide in August, but it sold out before the end of the month, driven by buzz on social media.

Burger King’s same-store sales grew by 2.8%. Its U.S. same-store sales growth was slower this quarter, rising only 0.6%. Analysts were expecting U.S. same-store sales growth of 3%. In the third quarter, buoyed by the national release of the Impossible Whopper, Burger King saw its same-store sales jump 5% in the U.S.

Tim Hortons, the laggard of Restaurant Brands’ portfolio, saw its same-store sales decline by 4.3% in the quarter. The Canadian coffee chain has struggled as sales growth in its domestic market slow down. Tims’ Canadian same-store sales fell by 4.6% during the fourth quarter.

“At Tim Hortons, our performance did not reflect the incredible power of our brand and it is clear that we have a large opportunity to refocus on our founding values and what has made us famous with our guests over the years, which will be the basis for our plan in 2020,” Restaurant Brands CEO Jose Cil said in a statement.

The company announced in late December that Tim Hortons President Alex Macedo will step down in March. Axel Schwan, Tims’ regional president for Canada and the United States in October, will oversee the Latin America region as well.


Company: cnbc, Activity: cnbc, Date: 2020-02-10  Authors: amelia lucas
Keywords: news, cnbc, companies, jumps, stock, brands, chicken, share, samestore, sales, parents, popeyes, analysts, earnings, drives, company, restaurant, quarter, cents, sandwich, estimates


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Stanford psychology expert: These are the top 3 things kids need—but most parents fail to provide

Kids have psychological needsJust as the human body requires macronutrients to run properly, the human psyche has its own needs in order to flourish. So when kids aren’t given the “psychological nutrients” they require, they are more likely to overdo unhealthy behaviors and look for satisfaction — often in virtual environments. If you want to raise highly successful and “indistractable” kids, these are the three most important psychological nutrients that need to be met:1. In an interview with N


Kids have psychological needsJust as the human body requires macronutrients to run properly, the human psyche has its own needs in order to flourish.
So when kids aren’t given the “psychological nutrients” they require, they are more likely to overdo unhealthy behaviors and look for satisfaction — often in virtual environments.
If you want to raise highly successful and “indistractable” kids, these are the three most important psychological nutrients that need to be met:1.
In an interview with N
Stanford psychology expert: These are the top 3 things kids need—but most parents fail to provide Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-02-05  Authors: nir eyal
Keywords: news, cnbc, companies, good, fail, isnt, feeling, expert, mayan, nutrients, psychology, provide, distractions, things, kids, needbut, stanford, goal, parents, psychological


Stanford psychology expert: These are the top 3 things kids need—but most parents fail to provide

Society’s fear of how technology is hurting our kids’ ability to focus and achieve success has reached a fever pitch — and many parents have resorted to extreme measures. A quick search on YouTube reveals thousands of videos of parents storming into their kids’ rooms, unplugging the computers or gaming consoles, and smashing the devices into bits. But here’s what most parents don’t understand: Technology isn’t the problem, and enforcing strict rules around tech usage isn’t the solution. Rather, it’s the root causes to children’s distractions that need to be addressed.

Kids have psychological needs

Just as the human body requires macronutrients to run properly, the human psyche has its own needs in order to flourish. Distractions satisfy deficiencies. So when kids aren’t given the “psychological nutrients” they require, they are more likely to overdo unhealthy behaviors and look for satisfaction — often in virtual environments. If you want to raise highly successful and “indistractable” kids, these are the three most important psychological nutrients that need to be met:

1. Autonomy

It might sound like a horrible idea, but giving your kid freedom of control over their choices can actually be a good thing. According to one study conducted by two psychology professors, Marciela Correa-Chavez and Barbara Rogoff, Mayan children who have less exposure to formal education show “more sustained attention and learning than their counterparts from Mayan families with extensive involvement in Western schooling.” In an interview with NPR, Dr. Suzanne Gaskins, who has studied Mayan villages for decades, explained that many Mayan parents give their kids a tremendous amount of freedom. “Rather than having the parent set the goal — and then having to offer enticements and rewards to reach that goal — the child is setting the goal,” she said. “Then the parents support that goal however they can.” Most formal schooling in America and similar industrialized countries, on the other hand, is the antithesis of a place where kids have the autonomy to make their own choices. In her study, Rogoff notes: “It may that [some American] children give up control of their attention when it’s always managed by an adult.” What parents can do: Instead of being the one to enforce strict rules on things like tech usage, help your kids create their own boundaries. The goal is to get them to understand why their screen time should be limited. The more you make decisions with them, as opposed to for them, the more they may be willing to listen to your guidance.

2. Competence

Think about something you’re good at, like cooking a delicious meal or parallel parking in a tight space. Competence feels good, doesn’t it? And that feeling grows alongside your ability to achieve success in life. Unfortunately, the joy of progress is a waning feeling among kids today. Too often, kids are given the message that they’re not competent at what they do. Standardized tests, for example, are a major contribution to this problem, because they don’t account for the fact that different kids have different developmental rates. If a child isn’t doing well in school and doesn’t get the necessary individualized support, they may start to believe that achieving competence is impossible. So they stop trying. In the absence of competency in the classroom, kids turn to potentially unhealthy outlets to experience the feeling of growth and development. Companies making games, apps and other potential distractions are happy to fill that void by selling ready-made solutions for the “psychological nutrients” kids lack. They know much consumers enjoy leveling up, like gaining more followers or getting likes. These accomplishments all provide the fast feedback of achievement that feels good. What parents can do: Ease up on structured academic or athletic activities, as well as the pressures and expectations surrounding them. Have a discussion with your kid about what they enjoy doing, and encourage them to pursue it in ways where they can achieve a level of competence.

3. Relatedness


Company: cnbc, Activity: cnbc, Date: 2020-02-05  Authors: nir eyal
Keywords: news, cnbc, companies, good, fail, isnt, feeling, expert, mayan, nutrients, psychology, provide, distractions, things, kids, needbut, stanford, goal, parents, psychological


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Finland to give men and women almost 7 months of paid parental leave each

Finland has announced plans to offer men and women equal paid parental leave, as well as an extension of the total family allowance from 11.5 months to just over 14 months. The Finnish government, which was only appointed in December, said Wednesday that both parents would get a paid leave allowance of 164 days, or around 6.6 months. Pregnant women will get an additional month on top of this quota and single parents will be able to use the total allowance offered to two parents. Parents can also


Finland has announced plans to offer men and women equal paid parental leave, as well as an extension of the total family allowance from 11.5 months to just over 14 months.
The Finnish government, which was only appointed in December, said Wednesday that both parents would get a paid leave allowance of 164 days, or around 6.6 months.
Pregnant women will get an additional month on top of this quota and single parents will be able to use the total allowance offered to two parents.
Parents can also
Finland to give men and women almost 7 months of paid parental leave each Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-02-05  Authors: vicky mckeever
Keywords: news, cnbc, companies, days, parental, world, parents, paid, leave, families, allowance, finland, total, men, minister, women, months


Finland to give men and women almost 7 months of paid parental leave each

Finland has announced plans to offer men and women equal paid parental leave, as well as an extension of the total family allowance from 11.5 months to just over 14 months.

The Finnish government, which was only appointed in December, said Wednesday that both parents would get a paid leave allowance of 164 days, or around 6.6 months.

Pregnant women will get an additional month on top of this quota and single parents will be able to use the total allowance offered to two parents.

Parents can also keep 69 days of their allowance days for later use.

Finland’s government said the changes will come into force in 2021 at the earliest and that the policy was currently being developed by an official working group.

The government didn’t specify how much of its extended leave would be fully paid.

Finland’s minister of social affairs and health, Aino-Kaisa Pekonen, said the reform was an “investment in the future of families and the wellbeing of families,” according to a translation of the government statement.

She said it would mark a “big change in attitudes,” and would strengthen the relationship both parents have with their child early on in life.

However, Pekonen recognized the change “will not alone solve the everyday challenges of families with small children,” adding that a shift towards “family-friendly attitudes in the workplace” was also needed.

Finland’s prime minister Sanna Marin said on a panel at the World Economic Forum last month that she split parental leave equally with her husband, both taking six months out of work to take care of their daughter.

Marin, the youngest prime minister in the world, admitted at the time Finland needed to reform its parental leave policy, explaining that “too few fathers were spending time with their children while they were young.”

Sweden has the most generous paid leave allowance in Europe for both sexes, offering parents a total quota of 480 days, or 240 days each.

Estonia has the best maternity leave, offering mothers 85 weeks out of work fully paid, which works out at around 1.5 years, as seen in a 2019 Unicef report.

In the same report, Unicef highlighted that the United States was the only OECD country without nationwide paid maternity or paternity leave.


Company: cnbc, Activity: cnbc, Date: 2020-02-05  Authors: vicky mckeever
Keywords: news, cnbc, companies, days, parental, world, parents, paid, leave, families, allowance, finland, total, men, minister, women, months


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Trump touts killings of ISIS leader, Iranian general in State of the Union

WASHINGTON — President Donald Trump recognized the parents of Kayla Mueller, an American humanitarian aid worker who was kidnapped and imprisoned by ISIS leader Abu Bakr al-Baghdadi, Tuesday during the State of the Union address. “In 2013, while caring for suffering civilians in Syria, Kayla was kidnapped, tortured, and enslaved by ISIS, and kept as a prisoner of Al-Baghdadi himself. After more than 500 horrifying days of captivity, Al-Baghdadi murdered young Kayla,” Trump said after recognizing


WASHINGTON — President Donald Trump recognized the parents of Kayla Mueller, an American humanitarian aid worker who was kidnapped and imprisoned by ISIS leader Abu Bakr al-Baghdadi, Tuesday during the State of the Union address.
“In 2013, while caring for suffering civilians in Syria, Kayla was kidnapped, tortured, and enslaved by ISIS, and kept as a prisoner of Al-Baghdadi himself.
After more than 500 horrifying days of captivity, Al-Baghdadi murdered young Kayla,” Trump said after recognizing
Trump touts killings of ISIS leader, Iranian general in State of the Union Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-02-04  Authors: amanda macias
Keywords: news, cnbc, companies, president, albaghdadi, mission, union, kaylas, killings, touts, general, kayla, trump, special, kidnapped, leader, parents, state, isis, iranian


Trump touts killings of ISIS leader, Iranian general in State of the Union

WASHINGTON — President Donald Trump recognized the parents of Kayla Mueller, an American humanitarian aid worker who was kidnapped and imprisoned by ISIS leader Abu Bakr al-Baghdadi, Tuesday during the State of the Union address.

“In 2013, while caring for suffering civilians in Syria, Kayla was kidnapped, tortured, and enslaved by ISIS, and kept as a prisoner of Al-Baghdadi himself. After more than 500 horrifying days of captivity, Al-Baghdadi murdered young Kayla,” Trump said after recognizing Carl and Marsha Mueller.

“She was just 26 years old,” he said.

The president then recounted the night that U.S. Special Forces carried out the mission that led to Al-Baghdadi’s life.

“The Chairman of the Joint Chiefs of Staff, General Mark Milley, received a call in the Situation Room. He was told that the brave men of the elite Special Forces team, that so perfectly carried out the operation, had given their mission a name,” Trump explained.

“Task Force 8-14, it was a reference to a special day: August 14th, Kayla’s birthday,” he said, telling Kayla’s parents that, “America’s warriors never forgot Kayla and neither will we.”


Company: cnbc, Activity: cnbc, Date: 2020-02-04  Authors: amanda macias
Keywords: news, cnbc, companies, president, albaghdadi, mission, union, kaylas, killings, touts, general, kayla, trump, special, kidnapped, leader, parents, state, isis, iranian


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