A tax credit reduces the amount of tax you must pay. A refundable tax credit not only reduces the federal tax you owe, but also could result in a refund. The following are five tax credits that can reduce your taxes.
1. The Earned Income Tax Credit
2. The Child and Dependent Care Credit
3. The Child Tax Credit
4. The Retirement Savings Contributions Credit (Saver’s Credit)
5. The American Opportunity Tax Credit
Make sure you qualify before claiming any tax credit. You can always visit IRS.gov for more information.
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