The Child and Dependent Care Tax Credit is designed to help hard-working parents and guardians to work and look for work as they care for a child or dependent. It also covers those who are caring for disabled children and adults.
How Much Will I Get Back for Childcare Tax Credit?
Depending on several factors, the childcare tax credit can be worth anything from 20% to 35% of your total care expenses.
Your income is the primary factor in deciding how much of your care expenses you can claim back.… Read the rest
The earned income credit is one of the most valuable credits for those with low or moderate incomes. To claim it you will need to file an income tax return, even if you don’t necessarily owe anything in taxes.
Home improvements are a popular way for taxpayers to claim a tax credit and upgrade their homes in the process. For new windows, it’s possible to make a tax deduction. The current tax credits for home improvements are expected to remain in their current form for the next five to seven years.
Claiming New Windows on Your Tax Return
There is a range of different window types that qualify for a tax deduction, including casement, egress, and double-hung. The stipulation is that they must meet Energy Star standards.… Read the rest
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