Tax Credits

The Latest

  • February 20, 2015

    Tax credits, available through the IRS, can bring you a substantial savings on your Federal income tax bill.

    A tax credit reduces your tax liability dollar-for-dollar. This means that a $500 tax...

  • February 18, 2015

    If you owe taxes, it may feel as though you’ve been cast adrift upon a sea of uncaring bureaucracy. Don’t despair—you have rights! In fact, there is a new “Taxpayer Bill of Rights” that was...

  • February 13, 2015

    Raising a child is expensive, but you can partially offset some of the expenses by utilizing tax deductions and tax credits that are available to...

  • February 11, 2015

    Families and individuals who get their health insurance through the Health Insurance Marketplace may be able to offset the cost of their monthly premiums with the Premium Tax Credit.

    The premium tax credit is a...

  • February 5, 2015

    The Earned Income Tax Credit (EITC or EIC), which has been around since 1975, essentially provides a subsidy for low-income working families. To claim this tax credit, you must meet certain eligibility...

  • February 2, 2015

    Beginning in 2014, the Individual Shared Responsibility provision of the Affordable Care Act takes effect. This means that each and every taxpayer (and family member) is now required to maintain basic health insurance, also called “...

  • January 20, 2015

    A tax credit is a dollar-for-dollar reduction in the amount of tax that you owe. For example, a $500 tax credit will save you $500 in taxes.

    On the other hand, a tax deduction merely reduces your...

  • January 5, 2015

    Many parents and people caring for dependent family members can receive a tax credit for expenses paid to care for these individuals. This credit is designed for taxpayers who must pay for a dependent’...

  • December 23, 2014

    There is a tax credit or deduction available for those who have paid taxes on foreign earned income if they also paid U.S. taxes in the same year. This is a somewhat complicated option, giving taxpayers the choice to choose to either use a...

  • December 15, 2014

    One of the most valuable and popular Federal tax credits is the Child Tax Credit.

    The Child Tax Credit is a non-refundable credit...