Tax Credit

Electric Vehicle Credits Phasing Out

Electric Vehicle Credits Phasing Out
If you are considering purchasing an electric vehicle and expect to receive a federal tax credit along with the purchase, you better do your homework …

Video Tips: Positive News for the 2021 Earned Income Tax Credit

The Earned Income Tax Credit has been expanded and enhanced for low-income taxpayers who file their tax returns for 2021. Could you also be eligible? Watch this video for more details.

Does a Tax Deduction and a Tax Credit Result in the Same Tax Benefit?

Does a Tax Deduction and a Tax Credit Result in the Same Tax Benefit?
Tax lingo, even without getting into the weeds of the Internal Revenue Code, tax regulations, IRS rulings, etc., can be confusing. Two frequently used…

Important Enhancements to the Earned Income Tax Credit For 2021

Important Enhancements to the Earned Income Tax Credit For 2021
The earned income tax credit (EITC) is regarded as one of the government’s largest antipoverty programs and helps millions of American families …

Twists and Turns of the Education Tax Credits

Twists and Turns of the Education Tax Credits
If you have a child or children in college, or perhaps you or your spouse is a student, it can be confusing to figure out which of two potential educa…

Video Tip: An Overview of the Adoption Tax Credit

Taxpayers who adopted or started the adoption process in 2021 may qualify for the adoption credit. This credit can be applied to international, domestic private, and public foster care adoption. Watch this video for a quick overview of the adoption tax credit.

Video Tips: Advance Child Tax Credit Reconciliation on 2021 Tax Return

In 2021, the IRS sent out Advanced Child Tax Credit payments to qualified families, using the data from 2019 and 2020 tax returns as an estimate. However, since it was just an estimation, the payments received must be reconciled on the 2021 tax return. Watch this video for details.