Category Archives: Credits

You 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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The IRS reports only 4 out of 5 people who qualify for the Earned Income Credit actually claims it, this credit can put $2,400 back in your pocket at tax time. The IRS has developed an easy to use help system that will allow you to determine if you qualify for the credit. If you […]

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If you pay for childcare and are employed you may qualify for the Child Care Credit. If you have paid for someone else to take care of your child or dependent this past year you may qualify to claim a Child Care Tax Credit on your Federal Income Tax Return. What you need to ask, […]

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Not only is saving for retirement a great investment in your futures, it can also help save you some money at tax time. There are several different ways that retirement savings can have a positive impact on your tax refund, however, remember that penalties do exist for early or late withdrawals. Depending on the type […]

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Having a baby can be one of life’s greatest treasures. From their first smile, first step, first word, and even their first tax deduction- wait, what? That’s right, having a baby not only enriches your life, but also your pocket come tax time. The US Department of Agriculture reports that it costs an average of […]

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This year, income tax time can become quite a headache if you’re not familiar with the health insurance requirements. The Affordable Care Act, also called Obamacare, affects just about every American at tax time. This is due to a mandate that requires every taxpayer to have health insurance, along with a subsidy to help lower […]

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Taxpayers who work, but have low incomes, are entitled to a special tax credit known as the Earned Income Credit. This credit is essentially an incentive for low income taxpayers to continue working, and is second only to Medicaid in the amount of assistance it provides to low income families. The earned income credit amount […]

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For many parents, in order to make money, they have to spend money. Working parents may have to pay for the care of their child while they are at work, and if so, they may be eligible for a limited tax credit. The tax credit, known as the dependent care credit, is based on your […]

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If you have a child under the age of 17, you are eligible to claim a tax credit for that child. This credit of $1,000 per child, can be claimed each year until the child turns 17. This credit does not replace the dependency exemption that you may claim for your child, so you are […]

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If a divorced couple has children, only one parent is eligible to claim any credits relating to the child. This means that one parent cannot claim the Earned Income Tax Credit, while the other claims dependency exemptions and credits. Typically, the custodial parent is eligible to claim the dependency exemption, the child tax credit, the […]

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