Federal Taxes

What are some notable tax credits?

Some of the more notable tax credits include: the American Opportunity Credit (which covers educational tuition, books and fees related to post-secondary education); the Energy Credit (for purchase of certain energy efficient appliances); the Earned Income tax credit (for filers meeting certain income levels); and the First Time Home Buyers Credit (available for those who closed on the purchase of a first home before April 2010). In addition there are also: Schedule M, the Making Work Pay Credit (which offers $400 for individuals and $800 for families, off their taxes); The Foreign Tax Credit (if you earned income from work or investments in a foreign country); Childcare and Dependent Care tax credit (which allows you a credit of between 20% and 35%, depending on your income); general business credit; child tax credit; alternative minimum tax credit; and lifetime learning credit.


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