There's a whole list of tax credits available for families with children and dependents. Miguel Burgos, CPA and TurboTax ...

While deductions and credits can both positively impact your tax bill, credits can have the most influence. With a deduction, you are only reducing the amount of income subject to tax, but a credit ...

Tax credits and tax deductions both help you save money on your IRS bills, but they are not the same.  Unfortunately, ...

Parents and guardians can take advantage of one or more child-related credits to get a tax break. Here’s how to claim the ...

Meanwhile, the credit for used EVs continues ... How much do you need to make to owe $7,500? For example, for tax-year 2024, barring changes in tax law, to owe $7,500 you’d need a taxable ...

An investment that shows a loss in value can be sold to claim a credit against the profits that were realized in other assets. Tax-loss harvesting is a tool for reducing overall taxes.

The IRS has issued more than 29.6 million individual income tax refunds through Feb. 21, up 2.3% from a year ago.

Unlike Energy Department assistance programs, there are no income limitations under theInflation Reduction Act’s tax credit initiative. One of the only qualifications is that the house must be your ...

4. Child and Dependent Care Tax Credit The Child and Dependent Care Tax Credit (CDCT), for example, has remained unchanged for more than ten years. The maximum expense that can be used to ...

For example, if you’re buying an older used Chevrolet Volt or Nissan Leaf for $8,000, your tax credit would be $2,400. Who Qualifies for a Used EV Tax Credit? Buyers must have a modified ...

The EV tax credit saw a major revamp in 2024, which enabled some buyers to benefit at the point of sale. But some tax ...

The easiest way to see how this difference impacts your taxes is through an example, which we’ll go through next. Assume an adjusted gross income (AGI) of $55,000 and a tax credit vs.