Federal Tax Credits for Family, Children, Home, Work, and School
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 2011 Tax Return!
More tax savings: View a list of current tax deductions
Family Tax Credits
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
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
The adoption credit is designed to help parents with the expenses involved in adopting a qualified child (including a child with special needs). An eligible child is any child under 18 or a child that lacks the ability to care for him or herself. The maximum available Adoption Credit to $13,360 per qualifying child for expenses incurred in 2011 and is fully refundable.
Learn More about the Adoption Tax Credit
If you bought a new electric car or plug-in hybrid in 2011, you may be eligible for the Alternative Motor Vehicle Tax Credit . For Tax Year 2011, this credit is worth $7,500 for all qualifying vehicles.
Learn More about the Alternative Motor Vehicle Credit
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
Work and Job Related Tax Credits
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
The Saver's Credit, formerly known as the Retirement Savings Contributions Credit, helps middle-income families to save for retirement. 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
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
Home Related Tax Credits
There are two tax credits available for energy-saving home improvements made in 2011: the Residential Energy Efficient property Credit and the Nonbusiness Energy Property Credit.
Learn More about Home Energy Tax Credits
Education Tax Credits
There are two major tax credits available for both new and continuing students for Tax Year 2011: 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
Find more tax savings: An up-to-date list of tax deductions