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Parents, homeowners, and students have a bonus tool to lower their taxes: tax credits

Source: - Jul 3, 2019

There are a number of ways to legitimately pay less in taxes, and one of the most common is through tax credits.

A tax credit is an amount of money awarded to you, the taxpayer, by the IRS that reduces your tax bill on a dollar-for-dollar basis. It is one of the last steps in calculating your annual tax bill and can be claimed regardless of whether you itemize your deductions.

There are over a dozen tax credits available to individual taxpayers, including credits for caring for children, continuing education, saving for retirement, and owning an energy efficient home. For information on the forms you need to claim tax credits, visit the IRS website.

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Category: General Business