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Bookmark or Share- Credits and deductions for individuals - Internal Revenue ServiceClaim credits . A credit is an amount you subtract from the tax you owe. This can lower your tax payment or increase your refund. Some credits are refundable — they can give you money back even if you don't owe any tax. To claim credits, answer questions in your tax filing software.
- Earned Income Tax Credit (EITC) - USAGovFind out how you may be able to reduce the amount of taxes you owe and possibly get more money back on your tax refund by claiming the Earned Income Tax Credit (EITC).
- What Are Tax Credits? - TurboTax Tax Tips & VideosA tax credit is a dollar-for-dollar reduction in your income. For example, if your total tax on your return is $1,000 but you are eligible for a $1,000 tax credit, your net liability drops to zero.
- Refundable tax credits - Internal Revenue ServiceA refundable tax credit is a credit you can get as a refund even if you don't owe any tax. Tax credits are amounts you subtract from your bottom-line tax due when you file your tax return. Most tax credits can reduce your tax only until it reaches $0.
- Tax Credits: What They Are, How They Work in 2024 - NerdWalletA tax credit is a dollar-for-dollar reduction of a tax bill, which can reduce what a taxpayer owes or potentially increase their refund.
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