News / Article

What Tax Credits Can I Qualify For This Year? A Guide

Source: https://nerdwallet.com/blog/taxes/what-tax-credits-can-i-qualify-for/ - Jan 29, 2020

Tax credits are the gold nuggets of the tax world. Qualifying for one feels better than finding $100 in your pants pocket. Here’s a brief look at how some of the most common ones work — maybe you’ll find some cash here, too.
First, a word about the lingo

Be sure you know the difference between a tax deduction and a tax credit.

A tax credit is a dollar-for-dollar reduction in your actual tax bill. A few credits are even refundable, which means that if you owe $250 in taxes but qualify for a $1,000 credit, you’ll get a check for $750. (Most tax credits, however, aren’t refundable.)

click source to read article

Category: General Business