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Tax Credits That Greatly Reduce Your Tax Bill

As far as total tax-burden reduction is concerned, nothing comes close to the pain-lessening impact of tax credits. Refundable credits may even offer you the chance to receive a refund, even if you previously assumed that none was due to you.

This section:

  • Describes how the major tax credits work

  • Outlines the basic criteria needed to qualify

  • Explains how easy it is to claim them when you e-file

Make Claiming All Your Tax Credits Easier:

If you want to avoid costly mistakes, while at the same time taking advantage of all credits and deductions, you'll want to do your taxes with TurboTax this year.

TurboTax helps you work quickly and easily, and it double-checks your return to help you get the largest possible refund. You can even file your state taxes and get your state refund (which may be substantial) much faster than if you mail a paper return.

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The easiest way to save money

Tax credits are the most direct way that you can save on your tax bill: they are a discount on the total that you owe.

Working families can often claim at least one - the earned income credit. However, there are a few others for which you may be able to qualify.

Most Commonly Taken Tax Credits:

Earned Income Credit as much as $6,044 for those who qualify.

Child Tax Credit equal to $1000 for every qualifying child.

Child Care Tax Credit which can be as high as 35% of the cost of care for your dependent child or other relative.

Educational Tax Credits such as the Hope and Lifetime Learning Credits which can help pay the tuition for students of all ages. (We also have a special guide to claiming the various education credits - be sure to take a look at it too.)

Adoption Tax Credit up to $12,970 to defray legal and other costs

Credit For the Elderly or Disabled Low-Income Individuals.

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