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Jan
29

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What is the Tax Credit for Electric Cars?

Category: Tax Credits Tags: , , , , , , , ,

Electric cars are entitled to a tax credit if they qualify. The value of the IRS tax credit ranges from $2,500 to $7,500, depending on the electric vehicle in question. Size and battery capacity are the primary influencing factors.

Are Electric Car Tax Credits Available?

Are electric car tax credits available and how do they work?

Yes, most electric cars are still eligible for this tax credit. Currently, Congress has set the phase-out limit of electric cars sold at 200,000 units per manufacturer. After that the credit begins to phase out for that manufacturer.… Read the rest

Jan
6

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How Much is the Child Tax Credit?

Category: Child Tax Credit, Tax Credits Tags: , , , , , , , , , , , , , , ,

Here is a breakdown of everything you need to know about the Child Tax Credit and Additional Child Tax Credit

How Much do You Get Back in Taxes for a Child?

How Much do You Get Back in Taxes for a Child?

The child tax credit for 2020, 2021, allows you to get back up to $2000 per child in taxes. This is a tax credit, which means it reduces your tax bill dollar-for-dollar, which makes it highly valuable for all families.

To be eligible to claim the child tax credit, your child or dependent must first pass all of the eligibility tests to qualify.… Read the rest

Jan
3

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What is the Income Limit for the Child Tax Credit?

Category: Child Tax Credit, Tax Credits Tags: , , , , , , ,

The child tax credit is a type of tax credit available to parents and guardians who want to reduce the amount of tax they pay this year.

This tax credit will take your overall tax bill and reduce it dollar for dollar. It’s one of the most rewarding types of tax credits working people can take. If you have a qualifying income, you may be able to take the full value of the child tax credit.

It all depends on how many qualifying children you have and how much you make, though.… Read the rest

Dec
31

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Federal Solar Tax Credit

Category: Energy Tax Credits, Tax Credits Tags: , , , , , , ,

What is the Federal Solar Tax Credit?

What is the Federal Solar Energy Tax Credit?

The Federal Solar Tax Credit is a credit you can claim for installing solar powered equipment in your home, which can ultimately reduce the amount of tax you need to pay to good old Uncle Sam.

The Environmental Protection Agency and the Department of Energy wants to encourage Americans to switch to solar power through the Energy Star program. In return for reducing your carbon footprint, you can claim the Federal Solar Tax Credit on your taxes.… Read the rest

Dec
30

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What is the Dependent Tax Credit, Deduction and Exemption?

Category: Tax Credits, Tax Deductions Tags: , , , , , , , ,

Are you wondering who can qualify as a dependent on your tax return? This is your guide to assessing whether one of your family members may be able to be classified as a qualifying dependent when you file your taxes.

Dependent Tax Credits, Deductions, and Exemptions are Available to You!

Anyone with a family needs to be aware of how the IRS may define someone as a dependent. This is important if you want to claim the child and dependent tax credit as it could save you a huge amount of money, so it’s an issue that’s worth looking into.… Read the rest

Dec
29

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What is the Energy Tax Credit?

Category: Energy Tax Credits, Tax Credits Tags: , , , , , ,

The energy tax credit is designed for people who want to improve their homes to make them more energy-efficient. One example of this may be installing solar panels to generate energy from the sun. Making use of renewable energy in your home could be a significant tax move for you.

Here’s everything you need to know to claim the residential energy tax credit and learn what it takes to qualify.

Is the Residential Energy Tax Credit Still Available?

Federal residential renewable energy tax credit.

There’s a lot of misinformation regarding whether the residential energy tax credit is still available or not.… Read the rest

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