Whenever you claim a credit on your federal income taxes, the IRS categorizes that credit as either a nonrefundable credit or a refundable tax credit. Most tax credits are nonrefundable, meaning you can’t get money back from Uncle Sam as a result of claiming a nonrefundable tax credit. Examples of nonrefundable credits include:
Any parent knows that kids can be awfully expensive. They eat a lot, or sometimes not much at all, picking all over their food and wasting it. They tend to sprout up like weeds, outgrowing clothes, shoes and even hats and gloves before those things get a proper wearing. (By that, I mean there should …
]Nobody likes to pay taxes. In fact, most people prefer to get a little something back from the IRS after filing a federal tax return. Even though it’s more prudent, financially speaking, to break even – or have to write the IRS a small check – I recognize that lots of Americans love the idea …
4 Tax Credits That Can Give You a Big Fat Tax Refund Check Read More »
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