Tax credits are very beneficial to taxpayers because they can help you cover family expenses. Today, we are discussing the most overlooked tax credits.
Educators’ Credits
There are a few educators’ credits available to help parents and students pay for post-secondary education. We all know that college can be expensive and taking advantage of the available tax credits is your way to make it a little more affordable.
Savers Credit
The savers credit is for those who have a low to moderate income but still want to save for retirement. You qualify for this credit as long as your income is within the income brackets and you are contributing to an IRA or a workplace retirement plan.
Energy Saving Tax Credits
When you make energy improvements to the home that you reside in, you may be eligible for energy saving tax credits. The credit is limited to $500 but $500 can go a long way when you need money for the New Year.
Child Tax Credit
If you have qualifying children under the age of 17, you could be eligible for the child tax credit. In the event that the credit is more than your amount owed, you may even qualify for the additional child tax credit, which is a refundable credit.
Bottom Line
Huddleston Tax CPAs, a Seattle CPA and Bellevue CPA firm, can file for you. When filing your taxes this year, make sure you are aware of the credits that are available. It is ideal to claim all of the credits that you are eligible for so you can lower the amount that you owe and possibly receive some money back in the form of a refund. Take a look at our tax and accounting services! Get in touch with us at (425) 483-6600!