How to Save The Most With Tax Credits
As far as total tax-burden reduction is concerned, nothing comes close to the pain-lessening impact of tax credits.
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
The easiest way to save moneyTax credits are the most direct way that you can save on your tax bill: they are a discount from the total amount owed.
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.
Click on the following links for more in-depth information about each tax credit and to learn how to claim them when you e-file:
Earned income credit as much as $4,140 for those who qualify
Child tax credit equal to $1000 for every qualifying child.
Child care equal to $2400 (up to $4800) per dependant
Adoption up to $10,000 to defray legal and other costs
Educational 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.)
For the Elderly or Disabled up to $1,125 for older or disabled low-income individuals
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Claiming tax credits is easy!
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