Category Archives: Credits
Having children can mean you get some significant savings at tax time, relevant to your income and how old your children are. The child tax credit is worth as much $1,000 per child under the age of 17 by the end of the calendar year. Unlike deductions, credits reduce the amount you owe in taxes, […]
— Read moreIf you pay for the care of either a child or a dependent, you may qualify for a credit at tax time. Using Form 2441, taxpayers can claim their credit, however there are a variety of requirements you must meet first, so it’s important to understand all the rules. To claim the credit, you must […]
— Read moreTax credits reduce the amount of income tax you owe to the government, both federal and state dollar-for-dollar. Tax credits are offered as a reward for stimulating the economy, the environment, or other governmental concerns in a beneficial way. Most tax credits cover expenses that are paid during the year, however there are certain requirements […]
— Read moreTaxpayers who earn low to moderate income may find some relief at tax time with the Earned Income Tax Credit (EITC), a refundable credit that seeks to help working families. The EITC works by reducing the amount of taxes you have to pay, and even if you don’t have any tax liability, you may receive […]
— Read moreTaxpayers who claim deductions typically understand that they have to be able to prove that they qualify for the deduction. For example, you know if you claim business expenses, charity gifts, or other costs for deduction, that you’ll need to supply documents such as receipts, cancelled checks, or bank statements in the event of an […]
— Read moreIt’s nice to work hard and get a bit of a break at tax time. The Earned Income Tax Credit (EITC) does exactly that for workers who earn a lower income, giving back some of the taxes these workers paid. It’s refundable, so eligible taxpayers without a tax liability can receive money back from the […]
— Read moreIf you’re disabled, you may be able to find a benefit at tax time with the Earned Income Tax Credit (EITC). eTax.com can help taxpayers with disabilities and parents who have disabled children determine if they qualify for the EITC. Disabled taxpayers may worry that taking the EITC and receiving a refund may disqualify them […]
— Read moreHave you ever owed taxes after you’ve filed your return in April? If so, you’re probably looking for ways to save this tax season. Seeing which tax credits you qualify for can make a big impact on your tax bill this season. Tax credits are a big advantage to taxpayers. Qualifying for a credit is […]
— Read moreSaving your money isn’t easy, though when retirement rolls around, you’ll be happy you have some cash stored away. If you work and make contributions to a retirement plan or Individual Retirement Account (IRA), you may be eligible for a specific tax benefit called The Saver’s Tax Credit. Found on tax forms under the name […]
— Read morePaying for educational expenses isn’t easy. At tax time, there are certain educational tax credits that can help offset some higher education costs by lowering the tax liability of households with eligible students. There are even some circumstances where one may be eligible for a tax refund. The two major education tax credits are: American […]
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