9 Tax Credits You Should be Aware of

When it comes to taxes, we all could use a break. Tax credits are not the same as tax deductions. A tax deduction reduces your taxable income. A tax credit reduces the amount of tax you owe or increases the amount you are due as a refund.

Here are nine tax credits you should be aware of:

1. Child tax credit
2. Credit for other dependents
3. Child and dependent care credit
4. Earned income tax credit (EITC)
5. Retirement savings contributions credit (saver’s credit)
6. American opportunity tax credit (AOTC)
7. Lifetime learning credit
8. Federal adoption tax credit
9. Plug-in electric vehicle tax credit

Learn more about each of these tax credits, by reading the full article on fool.com.

Credit to: The Motley Fool (fool.com)
9 Tax Credits You Need to Know
Here are the must-know details behind nine of the most popular tax credits available in the United States.
By Matthew Frankel, CFP (TMFMathGuy) Jan 16, 2019