Tax Saving Credits
Child Care Credit
The Child Care Credit is given to a taxpayer who incurs child
or dependent care expenses which enable the taxpayer to work.
This credit is non-refundable, but can be for an amount as high
Educators Expense Credit
Professional K-12 educators can claim the Educators' Credit for
out of pocket school related expenses. This credit is refundable
and has no maximum income restrictions, but the maximum credit
is only $250. There is uncertainty how long this credit will remain
Foreign Tax Credit
The Foreign Tax Credit reduces US taxes by the amount of foreign
taxes paid. This credit is non-refundable.
HOPE Education Credit
The Hope Credit is for qualified education expenses paid for the
taxpayer, the taxpayer's spouse, and for dependents. This credit
is non-refundable and can be for as much as $1,650 per child.
Lifetime Learning Education Credit
The Lifetime Learning Credit is for qualified education expenses
paid for the taxpayer, the taxpayer's spouse, and for dependents.
This credit is non-refundable and can be for as much as $2,000
Each qualifying child enables the taxpayer to claim the Child
Tax Credit . This credit is partially refundable and is for an
amount of $1,000 per child.
Earned Income Credit
Certain taxpayers whose income falls within specific limits can
be eligible to claim the Earned Income Credit. This credit is
fully refundable and can exceed $4,500.
Retirement Saver's Credit
The Retirement Saver's Credit encourages retirement savings by
allowing a credit based upon a percentage of amounts contributed
to an IRA or retirement plan. This credit is non-refundable, but
can be for an amount as high as $2,000.
(This information is designed to be of general interest. The specific techniques and information discussed may not apply to you. Before acting on any matter contained herein, consult with your professional advisor.)
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