Many don't know they can claim valuable tax credit worth up to $7,830 for some families
The federal earned income tax credit celebrates 50th anniversary. Yet, IRS estimates one in five eligible taxpayers miss out on claiming the credit.
IRS’s Direct File Makes It Easier For Families To Claim Tax Credits
Most people who are eligible for tax credits claim them. Direct File—the IRS’s online tool for filing tax returns—could get more eligible filers to claim EITCs and CTCs.
$7,830 IRS credit: What to know about qualifying for the Earned Income Tax Credit
The federal Earned Income Tax Credit is designed for low to moderate-income wage earners and is fully refundable, meaning even those who do not earn enough money to have taxes withheld are eligible. The Internal Revenue Service is reminding tax filers about a key credit worth up to $7,830.
Would you qualify for Ohio’s proposed child tax credit?
Ohio families with young children could get $1,000 tax credits if the state raises cigarette prices and lets smokers foot the bill. “This will be a significant amount of money,” Gov. Mike DeWine said when he released his budget proposal Monday.
Illinois taxpayers may be eligible for new and existing tax credits
As tax season approaches, Illinois residents are encouraged to explore potential tax credits that could reduce their tax burden or increase their refunds.
Should you claim a tax credit or deduction on your taxes?
A nonrefundable credit can reduce your tax liability to zero but not below that. Refundable credits can reduce your liability to zero, and if there’s any remaining credit, youll
What to know about federal tax credits
Tax credits are often more valuable compared to deductions because they directly reduce your tax bill dollar-for-dollar.
Did you claim the Earned Income Tax Credit?
The IRS says 1 in 5 eligible taxpayers miss out because they do not know this credit is available.
Tax deduction or tax credit? What to claim this tax season
Navigating the complexities of tax season can be daunting, especially when deciding between a tax deduction or a tax credit.
IRS warns: Don’t overlook these tax credits. You could get up to $7K more in your refund
About one in five eligible filers overlook this credit, the IRS said. Certain filers can receive up to $7,830 more back in ...
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IRS increases deductions for 2024 income taxes
Tax filing season has begun. The Internal Revenue Service has information for people who are already filing their returns.
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Policymakers Should Expand the Child Tax Credit for the 17 Million Children Currently Left Out of the Full Credit
Congressional Republicans may soon release a budget resolution that will set the terms of the tax debate, and which is ...
Student Loan Tax Deduction: What to Know for 2024 Tax Filing
People preparing to file taxes for the 2024 tax year may be eligible to claim a student loan tax deduction for interest payments.
Kentucky lawmakers send bill to cut the state's income tax to the governor. He supports it.
Final passage came on a 34-3 Senate vote to lower the tax to 3.5% from 4% at the start of 2026. The bill goes to Democratic ...
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Lt. Gov. Burt Jones pushes to expand child care tax credits in Georgia
The new Georgia bill would create a state income tax credit of up to $250 for every child under age 7 and expand an existing tax credit for child care to give parents up to $300 more per child.