Tag: Tax Credit

Tax credits could see a $1,000 boost next year

Tax credits could see a $1,000 boost next year

At least 2 million renters could see a tax boost next year with this new proposal. The bill would increase California’s tax credit for low-income renters. IRS: These “tips” will not make your refund arrive quicker How would the credit work? Renters ... MORE
News, Tax Credit
IRS: How to utilize the child and dependent care credit

IRS: How to utilize the child and dependent care credit

Parents all over the country are filing returns with the IRS, and many can qualify for the child and dependent care credit. This credit is for working parents, but can also be used for parents who go to school full time. There ... MORE
IRS, News, Tax Credit
IRS: What are refundable tax credits and how do they work?

IRS: What are refundable tax credits and how do they work?

Millions of Americans have found ways to collect a larger refund or lower their tax bill to the IRS, often by using tax credits. In order to get money back or lower your bill, you must be using refundable tax credits. Refundable ... MORE
IRS, News, Tax Credit
IRS: Lifetime Learning Credit explained

IRS: Lifetime Learning Credit explained

Students that paid for their education last year have an opportunity to catch a break when it comes to finances with the IRS. The Lifetime Learning Credit gives qualifying students a credit toward their tuition and fees they pay in the form ... MORE
IRS, News, Tax Credit
IRS: Who can qualify for 2022 American Opportunity Tax Credit?

IRS: Who can qualify for 2022 American Opportunity Tax Credit?

With tax season here, Americans are looking for tax credits to claim in order to see the biggest refunds possible from the IRS. One tax credit available to a number of Americans is the American Opportunity Tax Credit. This credit helps parents ... MORE
IRS, News, Student Loans, Tax Credit
IRS: How to claim the American Opportunity Tax Credit

IRS: How to claim the American Opportunity Tax Credit

As Americans across the country wrap up the tax season with just over a month left, many are looking for credits and deductions to file with the IRS. One relatively common one is the American Opportunity Tax Credit, or AOTC. This credit ... MORE
IRS, News, Tax Credit, Tax Return
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Tax Refund: Boost worth $1,500 available to low income Americans

Low income earners will have a chance to claim a tax credit worth $1,500 on their tax refund this year through the IRS. Millions of Americans will qualify for the benefit. The is called the Federal Earned Income Tax Credit and will ... MORE
IRS, News, Tax Credit, Tax Refund
Stimulus check: How does the economic payment impact work?

Stimulus check: How does the economic payment impact work?

The IRS has issued three economic impact payments since the start of the pandemic, better known as stimulus checks. Some people were missed when it was time to be paid. But, the IRS has shared information on how to get the third ... MORE
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IRS: Some surprised to find they owe taxes for 2021

As people prepare their taxes to send to the IRS, some who were expecting refunds have discovered they actually owe federal taxes this year. The IRS began accepting tax returns on Monday, Jan. 24. People are growing frustrated to discover this and ... MORE
IRS, News, Tax Credit, Tax Return
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IRS: Sick and family leave credit for self employed

Paid sick leave changed quite a bit thanks to the pandemic. This has created tax breaks with the IRS for those it impacted. The Families First Coronavirus Response Act gives smaller employers a tax break so they can pay their employers family ... MORE
COVID-19, IRS, News, Tax Credit
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IRS: Claim $15,775 from IRS after policy changes

Americans can start filing their tax returns with the IRS this month, and many are hoping to see larger refunds thanks to some policy changes. The IRS will begin accepting tax returns Jan. 24, but there may be worse delays in 2022 ... MORE
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IRS: Who am I allowed to claim as a dependent?

As people prepare their 2021 tax returns for the IRS, they have a lot of questions. One is who they’re allowed to claim as a dependent. Claiming a dependent can give you a larger reduction on your taxes. Many people feel that ... MORE
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IRS: New rule gives savers $2,000 tax break

A new rule change with the IRS and tax returns could get people a credit worth $2,000. The saver’s credit eligibility change has created the new rule. Eligible savings plans for the credit include 401ks, IRAs, 403bs and 457bs. Individuals can see ... MORE
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Tax Credit: Families may qualify for $8,000

If you’re a family with 2 children under the age of 13, you could receive a tax credit worth $8,000. The payments aren’t automatically tacked onto your refund. You will need to file a Form 2441 with your tax return, which is ... MORE
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Tax deductions: Reduce tax bill or increase refund

Americans are starting to prepare for tax season so when it’s time to file, they can save the most money. These tax deductions can help. It’s still too early to file and the IRS FreeFile portal is not yet opened, but getting ... MORE