Category Archives: Credits

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 […]

Have you had to pay for someone to take care of your dependents while you worked? If so, you may be able to claim a special tax credit to help offset some of the costs. This credit, the Child and Dependent Care Tax Credit, has certain requirements that taxpayers must meet. These include: You must […]

College Student Tax Credits

College is an important part of your life, hopefully solidifying your path for the future. However, it comes at a price, and often students need all the help they can get. Thankfully, there are a two different tax credits that can alleviate some of the burden on your wallet as a student. American Opportunity Tax […]

There are certain education credits which exist to help Americans afford higher education. These credits help with qualified higher education expenses, like tuition and course fees. Some higher education expenses such as boarding, meals, and transportation do not qualify for these credits. Furthermore, tuition paid for classes which don’t apply credit hours to the degree […]

Once a divorce is finalized, a determination must be made for who will claim any tax credits relating to children that the couple had. Only one parent will be eligible to claim all of the credits. That means that credits, such as the Earned Income Tax Credit and dependency exemptions cannot be split between both […]

Expenses For Child Care

Are you responsible for paying expenses relating to the care of your child? If so you may be eligible for tax credit that can save you money on these expenses. There are some requirements in order to qualify for this credit. For example, the child must be under the age of 13, but the credit […]

Education expenses can add up quickly, and any kind of financial relief can really make a difference. You may be able to deduct certain education expenses at tax time. If you pay tuition for yourself, a spouse, or another dependent, you may qualify to deduct a portion of the expenses. However, it may be more […]

If you purchased your health care through the Health Insurance Marketplace, you may have been eligible to receive a tax credit with can assist with the cost of your monthly premiums. This tax credit can be applied up front to help lower the cost of your premiums, in the form of an advance payment. In […]