Wealth & Risk Management Blog

William Byrnes (Texas A&M) tax & compliance articles

What are Five Tax Credits That May Reduce Your Taxes?

Posted by William Byrnes on April 16, 2014


In Tax Tip 2014-33, the IRS revealed five tax credits that may reduce a taxpayers taxes.  Some tax credits are refundable regardless of whether the taxpayer owes any tax for the year, the IRS pointed out.

1. The Earned Income Tax Credit is a refundable credit for taxpayers who work but do not earn a lot of money.  For 2013, the EITC may have increased the tax refund by as much as $6,044.  

2. The Child and Dependent Care Credit can help a taxpayer offset the cost of daycare or day camp for children under age 13, and even the costs paid to care for a disabled spouse or dependent.

3. The Child Tax Credit can reduce a taxpayer’s taxes by as much as $1,000 for each qualified child claimed on the tax return.

4. The Saver’s Credit helps workers save for retirement. For 2013, a taxpayer may have qualified if income was $59,000 or less and the taxpayer contributed to an IRA or a retirement plan at work.

5. The American Opportunity Tax Credit can offset college costs. The credit is available for four years of post-secondary education. It’s worth up to $2,500 per eligible student enrolled at least half time for at least one academic period.

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 “Robert Bloink, Esq., LL.M., and William H. Byrnes, Esq., LL.M., CWM®—are delivering real-life guidance based on decades of experience.”

The authors’ knowledge and experience in tax law and practice provides the expert guidance for National Underwriter to once again deliver a valuable resource for the financial advising community,” added Rick Kravitz.

Anyone interested can try Tax Facts on Individuals & Small Business, risk-free for 30 days, with a 100% guarantee of complete satisfaction.  For more information, please go to www.nationalunderwriter.com/TaxFactsIndividuals or call 1-800-543-0874.

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