The Money Coach
  • About
    • Meet Lynnette
    • Media Kit
  • Get Help
    • Money Coach University™
    • Books
    • Financial Coaching
    • Speaking
    • The Money Coach Recommends™
  • Contact
  • Building Wealth
  • Investing
  • Credit Scores
  • Student Loans
  • Paying for College
  • Saving Money
  • Real Estate
  • Credit Card Debt
No Result
View All Result
The Money Coach
  • About
    • Meet Lynnette
    • Media Kit
  • Get Help
    • Money Coach University™
    • Books
    • Financial Coaching
    • Speaking
    • The Money Coach Recommends™
  • Contact
No Result
View All Result
The Money Coach
No Result
View All Result

4 Tax Credits That Can Give You a Big Fat Tax Refund Check

Lynnette Khalfani-Cox, The Money Coach by Lynnette Khalfani-Cox, The Money Coach
in Taxes
Reading Time: 3 mins read
tax refund
15
SHARES
251
VIEWS
Share on FacebookShare on Twitter

]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 of getting a juicy check from the government during tax season.

No wonder, then, that as of March 2011, the IRS says the average tax refund check now tops $3,100.

One way to get the government to send you a juicy check like that is to claim tax credits.

A tax credit reduces the taxes you owe dollar for dollar. What’s even better is that some tax credits are refundable, meaning you get that sought-after check back from the feds.

If you’re looking to fatten your bank account, the IRS wants you know about the following four tax credits that you should consider claiming (if you’re eligible, of course):

The Earned Income Tax Credit is a refundable credit for certain people who work and have earned income from wages, self-employment or farming.

Income, age and the number of qualifying children determine the amount of the credit. EITC reduces the amount of tax you owe and may also give you a refund. For more information see IRS Publication 596, Earned Income Credit.

The Child and Dependent Care Credit is for expenses paid for the care of your qualifying children under age 13, or for a disabled spouse or dependent, to enable you to work or look for work.

For more information, see IRS Publication 503, Child and Dependent Care Expenses.

The Child Tax Credit is for people who have a qualifying child. The maximum amount of the credit is $1,000 for each qualifying child.

This credit can be claimed in addition to the credit for child and dependent care expenses. For more information on the Child Tax Credit, see IRS Publication 972, Child Tax Credit.

The Retirement Savings Contributions Credit, also known as the Saver’s Credit, is designed to help low-to-moderate income workers save for retirement.

You may qualify if your income is below a certain limit and you contribute to an IRA or workplace retirement plan, such as a 401(k) plan.

The Saver’s Credit is available in addition to any other tax savings that apply. For more information, see IRS Publication 590, Individual Retirement Arrangements (IRAs).

This is just a sampling of federal tax credits. Lots of other ones exist too, and each one is subject to its own qualifications, limitations and rules.

But the point is this: if you legitimately qualify for a tax credit, do go ahead and claim it. The refund you could get will make your time and effort worthwhile.

Tags: IRS Publication 503IRS Publication 590IRS Publication 596IRS Publication 972Tax Credits
Previous Post

How to Pay Zero Taxes on Mortgage Debt Forgiveness After Foreclosure or a Short Sale

Next Post

Were You a Victim of Payday Lender Quik Cash?

Related Articles

A Student’s Guide To Filing Taxes
Personal Finance

Breaking Down the ‘Penalties’ of Single Tax Filings

by Lynnette Khalfani-Cox, The Money Coach
tax refund
Personal Finance

Making the Most of Your Tax Refund

by Lynnette Khalfani-Cox, The Money Coach
Car tax break tips
Taxes

Skip the Luxury Car and Other Vehicle Tax Break Tips

by Guest Blogger
uber and lyft
Taxes

Tax Pros and Cons for Uber and Lyft Drivers

by Guest Blogger
GOP Tax Plan Hurts The Middle Class
Taxes

5 Horrible Things About the GOP Tax Plan

by Lynnette Khalfani-Cox, The Money Coach
estimated quarterly taxes
Taxes

Warning: IRS Partners With Debt Collection Companies

by Lynnette Khalfani-Cox, The Money Coach
tax lien
Taxes

How to Get a Tax Lien Removed From Your Credit Report

by Lynnette Khalfani-Cox, The Money Coach
Taxes

6 Easy Steps to Set Up an Installment Agreement with the IRS

by Lynnette Khalfani-Cox, The Money Coach
IRS-offer-in-compromise
Taxes

IRS Offer in Compromise Explained

by Lynnette Khalfani-Cox, The Money Coach
Next Post
Payday Loans

Were You a Victim of Payday Lender Quik Cash?

About

Lynnette Khalfani-Cox, The Money Coach®, is a personal finance expert, speaker, and author of 15 money-management books, including the New York Times bestseller Zero Debt: The Ultimate Guide to Financial Freedom.

Lynnette has been seen on more than 1,000 TV segments nationwide, including television appearances on Oprah, Dr. Phil, The Dr. Oz Show, The Steve Harvey Show, Good Morning America, The TODAY Show and many more.

Quick Links

  • Money Coach University
  • Lynnette's Personal Site
  • The Money Coach Corporate Site
  • Video Portfolio
  • Privacy Policy

All information on this blog is for educational purposes only. Lynnette Khalfani-Cox, The Money Coach, is not a certified financial planner, registered investment adviser, or attorney. If you need specialty financial, investment or legal advice, please consult the appropriate professional. Advertising Disclosure: This site may accept advertising, affiliate payments or other forms of compensation from companies mentioned in articles. This compensation may impact how and where products and companies appear on this site. AskTheMoneyCoach™ and Lynnette Khalfani-Cox, The Money Coach® are trademarks of TheMoneyCoach.net, LLC.

©2009-2022 TheMoneyCoach.net, LLC. All Rights Reserved.

No Result
View All Result
  • Meet Lynnette
  • Money Coach University™
  • Books
  • Financial Coaching
  • Speaking
  • The Money Coach Recommends™
  • Media Kit
  • Contact

©2009-2021 TheMoneyCoach.net, LLC. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist