Category Archives: Credits
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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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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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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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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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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Health insurance premiums can be expensive, but fortunately there is a tax credit that can help offset the costs for moderate family income. To claim the premium tax credit, three requirements must be met: health insurance coverage must be obtained through the health insurance market. You can select a plan during the open registration period […]
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Since it was introduced nearly 45 years ago, the earned income tax credit has boosted the income of low and moderate income staff. The IRS reports that four out of every five EITC employees claim the benefit, but they would like to see everyone who qualifies benefit from it. If you qualify, this tax credit […]
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Not much can make you happy when it’s time to pay taxes. During the tax season, the tax credit can be your friend and ally, so it is important to know for which credits you can qualify. Tax credits reduce the amount of tax that you pay and some of them are even reimbursable. You […]
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