Category Archives: Credits

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 […]

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 […]

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 […]

Tax Credits

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 […]

Five Tax Credits

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 […]

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 […]

The earned income tax credit is a way for low and moderate income families to save some money during taxation. The EITC is reimbursable and may reduce taxes owed to families working under certain circumstances to zero. If your income primarily comes from working and not investing, you are eligible. The level of income changes […]

The Child Tax Credit

Families working know how expensive it is to raise children. At tax time, the government offers these families some help through the 1997 child tax credit. This credit gives eligible families $ 2,000 per child under 17 years of age. Both Democrats and Republicans continued to support tax credit, which resulted in an expansion in […]

Education Credits 

Education is not cheap and it is difficult for far too many people to pay for their education. The federal government has fortunately developed two different tax credits that can help reduce the amount owed at the time of taxation. These credits, the American Opportunity Credit and the Lifetime Learning Credit help taxpayers who have […]

Many taxpayers need some extra help in dealing with their dependents. Those who take care of their disabled relatives or childcare for their children under 13 so that they can work may be eligible to reimburse their child and dependent care expenses. This tax credit amounts to up to 35 percent of the qualifying expenses […]