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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.
• 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
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.
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.