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Tax Credits

A tax credit is an incentive that lets a taxpayer reduce the total amount of tax owed. Find out which tax credits are available to you.

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If you plan carefully, you may be able to benefit from a 529 plan and tax credits. Here’s what a proposed tax credit for travel could mean for you. To get help with costs, tap resources, including the government, your employer and day care agencies. Did you know you can save on taxes if you qualify for the lifetime learning credit? The earned income tax credit could wipe out your tax bill plus get you a refund. Families can get help via the American opportunity and lifetime learning tax credits. While unemployment benefits are taxable, jobless folks may enjoy some tax breaks. Raising a kid is costly, but for adoptive parents, the IRS offers a big tax break. These tax breaks can help reduce college costs, and one even helps younger students. At tax time, parenthood can be a rewarding experience when claiming the child tax credit. Exemptions are like deductions. You can claim $4,050 each for yourself and family members. The Work Opportunity Tax Credit helps veterans and certain other workers land jobs. The garage construction doesn’t qualify for the energy tax credit, but these things do. Want to put your vacation home to work? Rent it. Just make sure you follow the IRS rules. You can’t avoid tax on the rental property sale, but other tax benefits may even things out. For lower-income filers, money put away for retirement could cut today’s tax bill. The Earned Income Tax Credit can get you more money than you paid all year. You may be able to claim exemptions for your stepchildren from Mexico. Here’s how. You can only deduct real estate losses to offset gains, but there are a couple of exceptions. A ‘Lady Bird deed’ is a popular estate planning tool with tax and other advantages.

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