Category Archives: Credits
In 2014, the Affordable Care Act made some significant changes to American’s tax returns. You’re likely still getting used to the whole lot of regulations and requirements, which means you may not be completely familiar with the Premium Tax Credit. Anyone who purchased health insurance coverage through the Marketplace may be eligible for help with […]
— Read moreWhen you’re ready to file your return, you may be interested in knowing how you can save money just by being a parent. The sheer act of raising children can reduce the amount of taxes you owe. The following eight options are available to parent taxpayers: Dependent Deduction: Generally, you can claim your child as […]
— Read moreIf you pay for college, you likely are aware how quickly the expenses can add up. Thankfully, there are two different education tax credits which can assist in making higher education a little more affordable. American Opportunity Credit Worth up to $2,500 for each eligible student during the first four years of college, this credit […]
— Read morePaying for someone else to look after your child while you work can get costly. Thankfully, there’s a tax credit that can help you recover some of those costs. The Child and Dependent Care Credit can be claimed by taxpayers who paid a caretaker as responsible for their child under the age of 13, or […]
— Read moreHaving a baby means eighteen plus years of expenses related to the care of that child as they grow and develop. The IRS offers a tax credit for parents who have had a baby during the tax year. This credit is worth $1,000 per child, as long as your income is less than $110,000 (joint […]
— Read moreThere are three different ways you can save money at tax time: by claiming exemptions, credits, and deductions. Oftentimes, taxpayers confuse the three and sometimes think the terms are interchangeable. There is a difference between each of the three, however, and it’s important to understand how they work and if you qualify before claiming any […]
— Read morePaying for college is never cheap, and students can use all the help they can get. You may be able to alleviate some of the cost of college education through two different tax credits that lessen the amount you owe at tax time. American Opportunity Tax Credit: The American Opportunity Tax Credit (AOTC) allows you […]
— Read moreIf you paid someone to care for a dependent in your household within the tax year, while you either worked or sought employment, you may be eligible to claim the Child and Dependent Care Tax Credit. The Requirements You must meet certain requirements in order to claim this credit. You must have paid for dependent […]
— Read moreThis year, the Affordable Care Act will affect your tax return. If you are one of the millions of Americans who purchased health insurance through the Marketplace, you may qualify for tax assistance that can help lower the amount of your monthly premiums. The premium tax credit allows taxpayers to choose whether to pay the […]
— Read moreYou can use these benefits you get back some of the costs of tuition or interest paid on student loans, allowing you to maximize your college savings. Educations expenses and Tax Credits – You can use two tax credit to help with the cost of certain items; such as books, supplies, equipment, fees and tuition. […]
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