Now, heres a real tax savings to the individual taxpayer with dependents. The child tax credit is a direct federal income tax credit based on the number of dependent children in your family. This federal tax credit is available to provide credit to taxpayers with income below certain established levels. Started in 2003 and going to 2010, the maximum credit per child is $1000 and is first applied to reduce or eliminate the taxpayers federal tax liability.
Education Tax Credits for Higher Education
Is higher education costing you a fortune? There may be a way to help pay for those costs with the help of education tax credits. What are education credits, who is eligible, and why should we take them? Well, lets start with the first part of the question, and work our way to the end. Education credits are tax credits available for qualified education expenses paid by the taxpayer in the furthering of their education.