Being a single parent has its challenges, and most of them leave holes in your pocketbook, but it also has a few well-deserved tax advantages. Without going into IRS speak, this chapter explains the tax advantages unique to single parents. However, to make sure you are maximizing your dollars, you'll also want to consult with a tax advisor or review generic tax laws annually. What you don't want to do is to miss out on tax breaks that can bolster your savings, your retirement plan, or your child's college funds.