There is a lot to do when you have a family. Through the day-to-day endeavors of caring for your home, your spouse, and your children, tax issues can easily be relegated to the bottom of the list

Save all of your receipts through the course of the year. Even if you are pretty sure that you won’t get a tax benefit from a purchase, save the receipt. Too much is better than too few when it comes to tax receipts. Keep them in a special folder in a filing cabinet or desk drawer so your receipts are easy to find when it is time to prepare your taxes. You can sort out which ones are applicable when you actually do your filing.

Stay up on changes in the tax code. Some things that happen in June or July can affect your taxes in April. This goes for all times of the year. Know about tax changes when they happen. Don’t wait until April 14 to catch up.

The college tax credit has been extended. If you have children attending college, they are now eligible for a maximum credit of $2500, which can now be claimed for four years.

You can contribute up to $2000 per year to an Educational Savings Account. While the contribution is after-tax, the funds that are withdrawn are untaxed as long as they are used for college education expenses.

If your family’s medical bills surpass 7.5% of your Adjusted Gross Income, they are tax deductible. This is particularly helpful if you have a sick family member or a recent newborn.

If you run your own business, you might want to think about hiring one of your minor children. A minor can earn up to $5000 per year without being subject to income tax.

According to the IRS, 25% of families that qualify for the earned income tax credit do not apply for it. To find out if your family qualifies for the EITC, go to the IRS website and find out.

The best way to avoid income tax problems is to be prepared. Review your financial status and accounts periodically throughout the year. Sit down with your spouse and compare opinions when making decisions about deposits into IRAs, educational savings accounts, and so on. By making smart decisions about your investments, savings, and income during the year, you can avoid confusion and trouble at tax time.