Category Archives: Credits

The IRS has issued all first, second and third Economic Impact Payments. Most eligible people already received their stimulus payments and won’t be eligible to claim a Recovery Rebate Credit. The IRS is no longer issuing third Economic Impact Payments. People who are missing a third stimulus payment or got less than the full amount […]

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This year, millions of low-income Americans may be eligible for a one-time tax relief that may save them a lot of money. The federal Earned Income Tax Credit, which is geared for low-wage workers, is being increased for a group of workers who generally don’t benefit much from it: single individuals without children. Low-income employees […]

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If you are an American looking to stash away some money for next year, you need to take advantage of this unknown tax break that has been recently updated by the IRS to reduce liability next year. The condensed term saver’s credit from the retirement savings contribution credit offers up to $1,000 in credit to […]

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As of July, millions of American families with children have been receiving monthly checks from the enhanced child tax credit. That said, there are some important dates that you should be aware of as you are eligible for these tax credits. This is even more important if you want to opt-in or out of receiving […]

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Possibly you and your spouse filed jointly claiming your child for a child care credit on your 2020 tax return so you could work or find work. In order to do so, your child must have been under the age of 13 when care was being provided. In 2021, for people living in the U.S […]

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Child Tax Credit 2021

Over 35 million households in the U.S are getting monthly payments for their 2021 child tax credits. What many do not realize, they could end up owing the IRS next year. How Much Can You Expect For This Year’s Child Tax Credit & What Is the IRS Sending? The maximum child tax credit for 2021 […]

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Under IRC section 36B, eligible individuals who purchase health insurance through a Health Insurance Exchange may claim a Premium Tax Credit on form 8962. Among the various requirements, the tax credit is based on whether a taxpayer claims a personal exemption deduction under IRC section 151 for the taxpayer, the taxpayer’s spouse, and any dependents […]

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New Child and Dependent Credits

New Child and Dependent Credits

At the end of the year, the overhaul doubled the maximum child tax credit from $1,000 to $2,000 for each child in a family under the age of 17. This credit is also eligible for many more families. For 2018, it begins to phase out at $400,000 of adjusted gross income for most couples and […]

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Saving to retire?

Saving to Retire?

If you plan to retire by building a savings plan through an IRA or 401 (k) plan, there is a good chance that you can qualify for a special tax credit. The Saver’s credit is available to pensioners and can help reduce your tax liability. The Saver’s Credit, also known by its extended name, The […]

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Parents Take Tax Credits for Kids

Parents take Tax Credit for Kids

You may be entitled to beneficial tax credits when you have children. Some credits are specifically aimed at parents and can be extremely helpful in saving money or in compensating for the cost of raising children. You can claim your child as a dependent in most scenarios, including children who were just born in the […]

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