Tax articles
395 plain-English guides to U.S. federal taxes, newest first.
15 results in Tax Credits
ClearEverything You Should Know About Getting, Using, and Renewing Your ITIN
An Individual Taxpayer Identification Number (ITIN) is a nine-digit tax processing number that starts with a “9,” used by individuals to file a federal tax return if they do not have (and are ineligib…
Form 8862: Getting Back Tax Credits After a Disallowance
If you’ve ever been denied a tax credit like the Earned Income Credit (EIC) or the Child Tax Credit (CTC), you may have been told that you need to file Form 8862 before you can claim that credit again…
Tax Benefits for Buying a Car
Buying a car can come with some surprising tax perks, depending on how and why you purchase it. This article covers the tax benefits of buying a car, from potential deductions for business use to cred…
Energy Efficient Home Improvement Credit
With rising energy costs and growing environmental concerns, many homeowners are looking for ways to improve their homes' energy efficiency. The Energy Efficient Home Improvement Credit is a valuable…
Are Home Repairs Tax Deductible? A Complete Guide for U.S. Homeowners
If you’re a homeowner, you’ve probably wondered: Are home repairs tax deductible? Also, whether the money you spend on home repairs can give you a break at tax time. After all, repairs can be very cos…
Understanding The EITC: Who Gets Earned Income Credit?
For taxpayers who are low- to moderate income workers, the earned income tax credit (EITC) can be a highly valuable tax break that is very much worth knowing. It’s not too hard to qualify for it, eith…
IRS Code 766: What it Means on Your Transcript
Taxes and good news seldom come together, but that doesn’t mean it never happens. Case in point, you might one day receive your tax transcript and find IRS code 766 on it. Well, Code 766 serves as a c…
How To Qualify for the $4000 Used EV Tax Credit
It's easy being green, especially when you get a tax credit for it.
The Credit for Employer-Provided Childcare Facilities
The Credit for Employer-Provided Childcare Facilities is tax credit that encourages employers to provide childcare to their employees. An employer can get a tax credit up to $150,000 per year to offse…
Want Credit for Saving With Qualified Retirement Plan Contributions? Then Use Form 8880
You know those score multipliers in pinball? Saving for retirement is kinda like that.
How to Claim Premium Health Insurance Tax Credits
When it comes to navigating the complex world of tax credits, one area that often confuses individuals is the realm of health insurance tax credits. Specifically, understanding how to claim premium he…
The Work Opportunity Tax Credit (WOTC)
It's a tough job market, and many businesses and workers are still struggling with the COVID-19 pandemic and its effects on the economy. The federal government created an incentive for employers to hi…
Tax Credit vs Deduction
As you probably know, tax credits and tax deductions can help reduce your overall income tax liability. Every year, millions of taxpayers search for credits and deductions that can help them save mone…
The Hope Credit: Where It Went And What Replaced It
As anyone that’s ever been to college can attest to, higher education can be prohibitively expensive in the U.S. These costs are not only a large burden on the students themselves, but on their famili…
AOTC: What Is The American Opportunity Tax Credit?
Higher education is a worthy pursuit, but it’s also way too costly for most Americans. The American Opportunity Credit (AOTC) can help many people afford college when they otherwise could not.