Category Archives: Credits

Form 1040 Tax Credits

January 11, 2023

The Form 1040 is the primary form used by taxpayers to report their annual income and tax liability to the Internal Revenue Service (IRS), and it is important to be aware of the various tax credits that may be available to claim on it. Tax credits are deductions from the amount of taxes owed to […]

Categories: Credits Tags: , , , ,

The tax code has a credit for dependent-care expenses for children under age 13 when the care was provided, and it also can apply to expenses for others of any age who are incapable of caring for themselves—such as an elderly relative. In most years—including 2022—many filers get a credit for 20% of up to […]

Categories: Credits Tags:

The IRS announced this month that most Americans should receive their refunds within 21 days of filing – with some exceptions. Due to regulations designed to prevent fraud, claiming the Earned Income Tax Credit will slow down your tax return. As a result, people who claim this credit and file their returns on January 24 […]

Categories: Credits Tags:

As of late, the IRS has been sending out letters with valuable information for Advance Child Tax Credit and for the third round of the Economic Impact payments to those who qualify.  Letters will be going out until the end of January. Keeping this information and using it to prepare your tax return will help […]

Categories: Credits Tags: ,

Lower-income taxpayers are getting some very good deals. If your modified adjusted gross income (AGI) does not exceed $40,000 for singles, $50,000 for the head of the household, or $60,000 for couples filing jointly, and you have been a resident in the U.S for over half of 2021, you will not have to return any […]

Categories: Credits Tags:

If you need help paying health insurance premiums during the year, you can apply to receive the Advance Premium Tax Credit. You can claim the Advance Premium Tax Credit when you buy insurance coverage through a Health Insurance Marketplace and reconcile it on Form 1040 with Form 8962. The credit is based on your estimated […]

Categories: Credits Tags: , ,

The name of the credit is Child and Dependent Care Credit. The amount of your work-related expenses you can use to determine your credit is a dollar cap. For one qualified person, the cap is $3,000, or $6,000 for two or more qualified individuals. If you have paid work related expenses for caring for two […]

Categories: Credits Tags: , ,

Tax Credits

February 15, 2019

There’s not much that can make you happy about paying taxes. But tax credits can help reduce your tax liability, it is a good idea to be informed about which credits you are eligible for and how you can claim them. You reduce the amount of taxes you owe for the tax year by using […]

Categories: Credits Tags: , ,

Five Tax Credits

December 23, 2018

There are not many things that make you happy about taxes. But tax credits can help to reduce your tax liability, it is a good idea to know what credits you are eligible for and how you can claim them. By using tax credits, you reduce the amount of taxes that you owe for the […]

Categories: Credits Tags: , , , , ,

Financially, the time after graduation can be tough. Starting by yourself, looking for a job, trying to pay back money you borrowed for school can all be quite stressful when it comes to budget management. Fortunately, some tax breaks can be claimed by recent college graduates to save money. Student loan interest deduction: borrowers earning […]

Categories: Credits Tags: , ,