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Federal Tax Credits 2006
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Tags: irs, taxes, income tax, money, real estate, business, government
Tax credits, better than deductions. Here are the federal tax credits available this year from the good ol Federal Government
| | Earned Income Tax Credit (EITC) MaterialsThe Earned Income Tax Credit (EITC) is a tax credit for certain people who work and have an earned income under certain thresholds. A tax credit usually means more money in the pocket of those who qualify. Income and family size determine the amount of the EITC. |
| | Advanced Earned Income Tax Credit (EITC) MaterialsThe Advance EITC allows those taxpayers who expect to qualify for the Earned Income Tax Credit (EITC) and have at least one qualifying child to receive part of the credit in each paycheck during the year the taxpayer qualifies for the credit. |
| | Health Coverage Tax Credit (HCTC)The Health Coverage Tax Credit (HCTC) is a program that can help pay for nearly two-thirds of eligible individuals' health plan premiums. This website can help you figure out whether you are eligible for the HCTC and help you through the registration process. Please follow all instructions carefully so you and your family can receive the full benefit of this program. |
| | Child Tax CreditThis credit is for people who have a qualifying child. It can be claimed in addition to the credit for child and dependent care expenses (see below). For more information on the Child Tax Credit, see Publication 972, Child Tax Credit. |
| | Child and Dependent Care Credit This is for expenses paid for the care of children under age 13, or for a disabled spouse or dependent, to enable the taxpayer to work. There is a limit to the amount of qualifying expenses. The credit is a percentage of those qualifying expenses. For more information, see Publication 503, Child and Dependent Care Expenses. |
| | Credit for the Elderly and Disabled This credit is available to individuals who are either age 65 or older or are under age 65 and retired on permanent and total disability, and who are U.S. citizens or residents. There are income limitations. For more information, see Publication 524, Credit for the Elderly and Disabled. |
| | Education Credits There are two credits available, the Hope Credit and the Lifetime Learning Credit, for people who pay higher education costs. The Hope Credit is for the payment of the first two years of tuition and related expenses for an eligible student for whom the taxpayer claims an exemption on the tax return. The Lifetime Learning Credit is available for all post-secondary education for an unlimited number of years. A taxpayer cannot claim both credits for the same student in one year. For more information, see Publication 970, Tax Benefits for Education. |
| | Retirement Savings Contribution Credit Eligible individuals may be able to claim a credit for a percentage of their qualified retirement savings contributions, such as contributions to a traditional or Roth IRA or salary reduction contributions to a SEP or SIMPLE plan. To be eligible, you must be at least age 18 at the end of the year and not a student or an individual for whom someone else claims a personal exemption. Also, your adjusted gross income must be below a certain amount. For more information, see chapter four in Publication 590, Individual Retirement Arrangements (IRAs). |
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Source:
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