Federal Tax Credits for Family, Children, Home, Work, and School

special tax credit for your tax return Keep a bigger slice by claiming more tax credits!

What is a Tax Credit?

A tax credit reduces your tax payments.

There are many federal income tax credits that will help reduce your tax burden. Take a little time to learn more about these tax credits now and you may save hundreds, even thousands of dollars on your Tax Return!

Tax deductions are similar to tax credits. Deductions can help you reduce your taxable income, as well as increase your tax refund. Learn more about tax deductions.

Different Types of Tax Credits

In order to claim most tax credits (except some retirement contributions) for the current Tax Year, the payments or expenses have to occur during the Tax Year or no later than Dec. 31.

ATTENTION: Please review these tax breaks, tax credits, or deductions that could expire or have expired.

Please review these major tax deduction areas as they might apply to your current life situation or circumstance:

Tax Credits for Families and Parents Tax Credits for Homeowners

Tax Credits for Employees/Workers Medical Tax Credits

Tax Credits for Education Retirement Tax Credits

Green Energy Tax Credits Miscellaneous/Other Tax Credits


Tax income deductions Tax Credits for Families and Parents

Child Tax Credit

The Child Tax Credit is worth up to $1,000 for each qualifying child. This tax credit is meant to provide help to parents with qualifying children. The Child Tax Credit is different from the Child and Dependent Care Credit.

Learn More about the Child Tax Credit

eFile Tax Tip: Use the FREE efile.com "KIDucator" child tax credit tax tool to find whether you qualify for the child tax credit or not.

Child and Dependent Care Tax Credit

Child and dependent care can be very expensive. However, there are certain cases where you may claim a deduction on family-related expenses if you are in the process of looking for a job. Depending on the particulars of the situation, you may reduce your tax by claiming the child and dependent care credit on your federal income tax return for any expenses related to payments made to someone to care for a child under the age 13, a qualifying spouse, or a dependent.

Learn More about the Dependent Care Tax Credit

Adoption Tax Credit

The adoption credit is designed to help parents with the expenses involved in adopting a qualified child. An eligible child is any child under 18 or a child with special needs that lacks the ability to care for him or herself. The maximum available Adoption Credit to $12,970 per qualifying child for expenses incurred in 2013.

Learn More about the Adoption Tax Credit

Tax Information for Parents with Children or Dependents

More information on children tax credits

More tax credits, deductions for parents with dependents, children

Credit for the Elderly and Disabled

You may be able to take the credit for the elderly or the disabled if you are 65 years of age or older, or if you retired on total and permanent disability and have taxable disability income. To take the credit, however, your income must not exceed certain limits.

Learn More about the Credit for the Elderly or Disabled


Tax return home deductions Tax Credits for Homeowners

Home Energy Tax Credits

There is a tax credit available for installing a renewable-energy source in your home, such as solar panels or a geothermal heat pump. The Residential Energy Efficient Property Credit can be worth up to 30% of your expenses.

Please be aware that a number of Home Energy Tax Credits expired on December 31, 2013.

Please review these major tax deduction areas as they might apply to your current life situation or circumstance:

Learn More about Home Energy Tax Credits


Tax return work deductions Tax Credits for Employees/Workers

Earned Income Tax Credit

The Earned Income Tax Credit (EITC) is a credit for taxpayers who earn low to moderate incomes. EITC can reduce your taxes, and can mean a refund. Meaning more working families and individuals may keep more of what they work for.

Learn More about the Earned Income Tax Credit

eFile Tax Tip: Use our FREE "EICucator" earned income credit tax tool to find out whether or not you qualify to claim the credit on your Tax Return.

Foreign Tax Credit

The foreign tax credit was implemented to reduce a double tax burden for citizens earning income outside of the United States—once by the United States and again by the foreign country where the income is derived.

Learn More about the Foreign Tax Credit


tax related medical deductions Medical Tax Credits

Health Coverage Tax Credit

ATTENTION: Please note that the HCTC expired on January 1, 2014 and the tax credit will not be avaliable for 2014 and later Tax Years.

If you receive Trade Adjustment Assistance (TAA, ATAA, or RTAA) or Pension Benefit Guaranty Corporation (PBGC) payments, you may qualify for the Health Coverage Tax Credit, which may help you pay up to 72.5% of your health insurance premiums. The HCTC is a refundable credit, so it will be paid to you even if you do not owe any tax at the end of the year.

Learn More about the Health Coverage Tax Credit


Tax return student deductions Tax Credits for Education

Student Tax Credits

There are two major tax credits available for both new and continuing students: the American Opportunity Credit and the Lifetime Learning Credit. Each credit offers special advantages to students but both credits may not be claimed by the same student in the same year.

Learn More about Education Credits for Students

eFile Tax Tip: Our student page has a complete list of many student tax related topics. It's a must for any student.


Tax deductions for retirement Retirement Tax Credits

Saver's Credit - Retirement Savings Contribution Credit

The Saver's Credit, formerly known as the Retirement Savings Contributions Credit, helps middle-income families to save for retirement. If you contribute to a retirement plan, the Saver's Credit may allow you to reduce your income tax dollar-for-dollar by up to $1,000 ($2,000 for married filing jointly). The exact amount of the credit depends on your income, your filing status, and the total amount of your qualified contributions.

Learn More about the Saver's Credit


tax deductions for alternative energy Green Energy Tax Credits

Hybrid / Electric Car Credit

There are two tax credits avaliable to individuals who purchased an energy-efficient car in 2013:

  1. If you bought a new qualified fuel cell vehicle in 2013, you may be eligible for the Alternative Motor Vehicle Credit.
  2. You may qualify for the Tax Credit for Plug-in Electric Drive Motor Vehicles (worth up to $7,500) if you purchased a two- or three-wheeled vehicle after 2011 and before 2014.

ATTENTION: The Qualified Plug-in Electric and Electric Vehicle Credit expired at the end of 2012. Therefore, you cannot claim this credit on 2013 and later tax returns.

Home Energy Tax Credit

If you installed a renewable-energy source in your home, such as small wind turbines a solar water heater, you may qualify to claim the Residential Energy Efficient Property Credit. This tax credit can be worth up to 30% of your expenses.

The Home Energy Tax Credit is currently available through 2016.

Learn More about Home Energy Tax Credits


tax related miscellaneous deductionsMiscellaneous/Other Tax Credits

Tax Credits for American Citizens Living, Working Abroad

U.S. citizens and resident aliens from the United States working or living in a foreign country during the year are allowed the same tax credits as U.S. citizens and residents from the U.S. living in the United States. Check out our detailed summary on tax credits for Americans living or working abroad.

More Information on Tax Breaks and Savings

Tax Credit Planning Tips

Qualify for Tax Deductions

All-Year Tax Planning Tips

Free Tax Tools-see if you qualify to claim tax deductions and credits!



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