But this doesn't mean it's the same as a deduction. Here's a guide to tax credits, what they are and how they work. Start the day smarter. Get all the news you need in your inbox each morning.

Tax credits and deductions are important because they reduce your tax liability. The IRS describes a tax credit as a "dollar-for-dollar" amount that taxpayers claim on their tax returns to reduce ...

The earned income tax credit (EIC or EITC) is for low- and moderate-income workers. See qualifications and credit amounts for 2024 and 2025. Many, or all, of the products featured on this page are ...

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 child tax credit is one of the most popular credits to claim in tax season. This is what to know if you want to claim it ...

Businesses that hire eligible unemployed veterans can take advantage of a Work Opportunity Tax Credit (WOTC). This credit is also available to certain tax-exempt organizations. After recent ...

farm work or employment through a nonprofit or religious organization that doesn’t pay Social Security taxes. The minimum amount of credits you need to earn to receive benefits depends on the ...

For a more in-depth look at how EV tax credits work and the new ruleset that went into effect on January 1, 2024, check out our dedicated article here. UPDATE 2/28/25: Starting on January 1 ...

State lawmakers and the governor have an opportunity to make a smart and critical investment in our workforce and economy by allocating $90 million over three years to support the federal Work ...

Hiring & Firing refers to the process of recruiting, interviewing and offering employment and the process of evaluating performance and dismissing employees. Hiring & Firing is a highly regulated ...

The child tax credit is one of the most popular credits ... and how you can best be served in that area. Outside of work, he can most often be found watching too many movies, reading too much ...