Child Tax Credit Archives - 2012 Tax to 2024 Tax

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:

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

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Tax Credits And Turbo Tax

4 tax credits that can boost your refund

A dollar-for-dollar reduction of taxes owed is a tax credit. Several tax credits if you claim one and are eligible, are refundable. You can receive the remainder of it in a tax refund even though your tax liability is zero.

Here are 4 refundable tax credits you should consider on your two-thousand eleven federal income tax return to increase your refund:

1.For people earning less than forty-nine thousand and seventy-eight dollars from wages, self-employment or farming there is the Earned Income Tax Credit. Age, Income, and the amount of qualifying children decide … Read the rest