Taking Advantage Of Tax Credits

There are various tax credits that are worth knowing about, and if you claim one and are eligible, you can receive a refund even after you have your tax liability lowered to zero.

When preparing your 2011 Federal income tax return, consider the following four tax credits:

1. If you earn less than $49,078, you can take advantage of the earned income tax credit, and the amount can be up to $5,751 depending on your age, income and number of qualifying children. Many workers are seeing this for the first time, becuase of a drop in wages or earnings. IRS publication 596 has more details.

2. If you have expenses due to caring for a qualified child under 13 or a disabled spouse, while you were looking for work or working, you can take advantage of the child and dependent care credit. IRS publication 503 has more information.

3. If you have a qualifying child, the child tax credit can help you, and it allows $1,000 for each qualifying child. You are able to claim the child and dependent care credit as well as this, if applicable and IRS publication 972 has more details.

4. Saver’s credit, or retirement savings contribution credit can help you save for retirement, if your earnings are lower. This is also in addition to any other tax savings applicable to your situation, and you may qualify if you contribute to a 401K, IRA or other workplace plan. IRS publiation 590 has more details.

Check your tax form or turbo tax form carefully, although depending on your individual situation, there may be other applicable tax credits you can take advantage of. The IRS can help you, either online or over the phone at 1-800-TAX-FORM.

How To Get A Tax Credit For Retirement Savings (2011tax.org)
How Education Tax Credits Can Beat High Education Costs (2010taxes.org)

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