Category Archives: Credits

Often, taxpayers qualify to claim the Earned Income Tax Credit (EITC), however they forget when they file their return. The IRS reports that one out of every five qualified taxpayers don’t claim the credit. Like all tax credits, the EITC decreases the amount of taxes you owe the IRS, and depending on the number of […]

Most taxpayers know that there are certain income limitations that they must fall under to claim the Earned Income Tax Credit (EITC), however income is not the only thing that can affect your eligibility. The other requirements one must meet in order to claim the EITC follow: You must have at least $1.00 in earned […]

This year, don’t forget to take advantage of tax credits and benefits that can save your family money. The following credits are important to taxpayers and their families: Child Tax Credit: is worth up to $1,000 per child, depending on income. The higher your annual income, the smaller the credit. Married taxpayers who file jointly […]

At tax time, students and those who have graduated may be eligible for special education tax credits that can significantly save them money. American Opportunity Credit Students who are enrolled in their first four years of college may claim this credit worth up to $2,500 in tuition, activity fees, books, equipment and supplies. The student […]

Once you’ve started repaying your student loans, you’ll understand how important it is to save money wherever possible. At tax time, you may be eligible to claim a deduction on interest you’ve paid on your student loan. Worth up to $2,500 off your taxable income, this deduction can really help students and graduates pinch pennies […]

It’s common for many people to make a little mistake on their tax return. In doing so, it can delay your refund. However, if you make a mistake when claiming the Earned Income Tax Credit, you may wait months to receive that portion of your refund. Depending on the situation, some errors can lead to […]

Tax credits come in two varieties: refundable and non-refundable. The majority of tax credits fall under the latter, though there are some that can put more of your hard-earned money back into your bank account. At tax time, you need to know if the credit you are claiming is refundable or not, so you know […]

Tax credits can really make a difference for your refund at tax time. Refundable tax credits are even better, as they can offer you money back even if your tax liability is reduced to zero. One of the most popular refundable tax credits you may be eligible to claim is the Earned Income Tax Credit. […]

Often, people mistakenly use the terms “credits” and “deductions” interchangeably. However, at tax time, it’s important to understand the difference between the two, and ensure you’re utilizing them to your advantage. Generally, tax credits are the more beneficial of the two, though when used correctly, both can save you significantly when you file your taxes. […]

Though there are no refunds once you have children, they may be worth a credit – a tax credit, that is. Parents can benefit from the Child Tax Credit, a popular tax break that is worth $1,000 per child when you file. Your child must be claimed as a dependent on your tax return and […]