This year, there are many federal income tax credits that can aid in the reduction of your tax burden; in that case, Tax credit decreases the total amount of your tax payments.
Learn about the tax credits before April 18th and save thousands of dollar on your tax return.
Tax Credit for Families
The Child Tax Credit is $1,000 for each child in a household. This tax credit has been established to help parents save money.
- Child and Dependent Care Tax Credit
Dependent care is considered very expensive. The IRS provides help through certain claims that can aid in the reduction of family-related expenditures if you are searching for a job.
If you qualify for the claim of child and dependent care credit, you can save money on your federal income tax return. However, the child should be under the age of 13.
Tax Credit for Property Owners
- Energy Tax Credits
The IRS is offering a tax credit to home owners if they install renewable-energy sources such as solar panels or heat pumps in their homes. The Residential Energy Property Credit is up to 30% of your cost.
Tax Credit for Employees
- Income Tax Credit
The (EITC) Earned income tax credit is an establishment for taxpayers who earn fewer amounts of income. This credit can aid families by letting them keep larger amounts of what they earn.
For further information regarding Tax Credit, Tax refund or Tax issues, contact Tax Help MD by calling on the given number:888-632-4506