What Tax Credits are available for me to take advantage of?

Answer: There are two categories of Tax Credits: (1) Non-Refundable and (2) Refundable. A Non-Refundable tax credit provides a direct dollar-for-dollar offset against your tax liabilities. A Refundable tax credit functions like a subsidy such that if the amount of your tax credit surpasses your tax liability, then you will receive the remainder in the form of a tax refund.

Five popular tax credits that TaxPlus+ will consider before filing your tax return are: The Earned Income Tax Credit, The Child & Dependent Care Credit, The Child Tax Credit, The Retirement Savings Contributions Credit (aka the “Saver’s Credit”), and The Health Coverage Tax Credit.