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Eight Tax Saving Credits

1. 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 as $6,000.

2. 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 in affect.

3. Foreign Tax Credit
The Foreign Tax Credit reduces US taxes by the amount of foreign taxes paid. This credit is non-refundable.

4. 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.

5. 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 per year.

6. Child Credit
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.

7. 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.

8. 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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