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Posts Tagged ‘tax credits’

tax breaks

3 Tax Breaks For Families with Children

February 16, 2016  |   Last modified on May 10, 2021

Parents can save a significant amount in taxes by using tax breaks geared towards families. The Child Tax Credit, Earned Income Tax Credit, Adoption Credit, Child and Dependent Care Credit, and Education Tax Credits are all essential tax credits worth exploring. At this time, however, we are going to take a deeper dive into the top three (3) tax breaks for families with children. Earned Income Tax Credit

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common tax deductions errors

Common Deduction And Credit Errors

January 15, 2016

Making errors in deductions and credits can ultimately result in having to pay back taxes. Additionally, after the filing deadline, any taxes owed will be compounded by penalties and interest. In order to avoid an IRS issue, taxpayers should avoid deduction and credit errors, such as: Claiming Charitable Contributions A large number of taxpayers deduct charitable contributions on their returns. Only contributions to charities that are eligible to be deducted should be considered. To avoid making a ...

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tax breaks for parents

9 Tax Breaks Parents Should Know About

November 03, 2015

Parents, with a little tax and financial planning, can save more on future expenses, such as college. Tax breaks available to dependents are a great way to realize savings. For medium- and low-income families, these saved dollars can mean providing better care to their children during their adolescent years. “Having kids will enrich your life but not your bank account. Parents need to save every penny. But the good news is that Uncle Sam can help." ...

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What is The EITC and Why is it a Common Cause of Tax Debt?

February 27, 2015  |   Last modified on July 9, 2021

The Earned Income Tax Credit (ETIC), also known as the Earned Income Credit (EIC) is a refundable tax credit that provides benefits to working individuals with moderate income. As with every other credit, the EITC reduces the total tax liability of the taxpayer. Even if the taxpayer does not owe taxes, they can get a refund if they file a tax return and claim the EITC. Qualifying Requirements To qualify for the EITC, you need to fulfill ...

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