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Tax Credits for those that qualify can reduce the amount consumers may owe the IRS each year. One of the main benefits of Tax Credits is that it can really boost your tax refund. Unlike tax deduction, which reduces your taxable income, Tax Credits could directly put money in filers pockets at tax time. More importantly a refundable Tax Credit not only reduces your tax liability, but can exceed what you owe and put money directly in your pocket.


Example: Taxpayer A owes $1000 in taxes, but qualifies for a $2000 refundable Tax Credit. Taxpayer A would receive $1000 from the IRS.

Tax Tip:  IRS Tax Settlemnt Program.

An Offer in Compromise (OIC) is a longstanding program that was put into place by the IRS aimed towards helping individuals eliminate tax debt burdens that are too large for them to pay back.  Go To IRS Tax Settlement.


3. The Savers Tax Credit

 The Saver’s Credit: If your family makes less than $60,000 per year, you could qualify for double benefits from your retirement contributions. You can save for the future and increase your income tax returns.

 Continue With The SaversTax Credit.


2. Earned Income Tax Credit (EITC).

The EITC is a credit that is actually refundable, which means that if a taxpayer's tax liability is less than the credit, the tax filer actually gets a check from the IRS  Continue With The Earned Income Tax Credit.


How Tax Credits Work

1. Child Tax Credit

Qualifications: In order to qualify for the credit children must meet certain requirements that include age, relationship, support, dependent, citizenship and residence.  Continue With The Child Tax Credit.


Energy Tax Credits
Elderly And Disabled Tax Credit
Dependent Care Tax Credit
Advanced Premium Tax Credit
Earned Income Tax Credit
Education Tax Credit
Energy Tax Credits

By: Patrick Mansfield | U.S.Gov Connect

5. Tax Credit For Elderly And Disabled.

 The Elderly And Disabled Tax Credit helps seniors so they are not  taxed beyond what they can reasonably pay, this credit helps to reduce their taxable income.  Continue With Elderly And Disabled Tax Credit.


The 8 Biggest Tax Credits You Can Get For Filing Year 2017.

Child Tax Credit
Savers Tax Credit

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7. Residential Energy Tax Credits

If you made improvements or installed any energy saving equipment in your home in 2015 or 2016, you may be entitled to some tax benefits  Continue With The Residential Energy Tax Credit.


8. The Dependent Care Tax Credit.

Individuals who pay for child or dependent care in order to be able to work or search for work may be eligible to claim the Child and Dependent Care Tax Credit. Continue With The Dependent Care Tax Credit.


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4. Education Tax Credits

Two common tax deductions are available to help alleviate the cost of college: the American Opportunity Credit and the Lifetime Learning Credit. Using these educational tax credits can help decrease tuition costs by up to $2,500 per year per dependent child. Continue With The Education Tax Credit.


6. Advanced Premium Tax Credit

When someone chooses to pay their health insurance premiums using  tax credits, it is called “advanced payments of the premium tax credit” or “advance credit payments”. Continue With Advanced Premium Tax Credit.