Federal Tax Credits
IRS Publication 907 gives you a brief introduction to some tax laws which affect people with disabilities and those who care for people with disabilities. You will find answers to questions about:
- Itemized Deductions
- Tax Credits
- Household Employers
- Business Tax Incentives
PLUS ... helpful links on How To Get Tax Help, Local Contacts, and the most up-to-date information on legislation that affects your tax return. CLICK HERE.
The Earned Income Tax Credit is a refundable credit for adults between the ages of 25-65 for people that have worked within the tax calendar year. In
tax year 2013 for a single head of household with no children earning under $14,340 this means a credit worth $487. Find out if you qualify Here.
For a preview of the 2015 EITC income limits, maximum credit amounts, and tax law updates, CLICK HERE.
The Child Tax Credit is available to taxpayers with qualifying children living with them who are under the age of 17. The Child and Dependent Care Credit is available to taxpayers that pay for a child or dependent care in order to work. The credit can be worth over $2,000.
IRS Publication 503 covers all the latest information for use in preparing your 2013 Returns. To see if you qualify, and to learn how to figure and claim the credit, CLICK HERE.
Retirement Savings Contributions Credit is available to individuals that contribute to a 401(k) or 403 (b) program through their employer. The credit can be worth as much as $2,000. Certain rules apply, speak with your Benefits Specialist if you qualify for SSI or Medicaid.
Education Credits are available to offset expenses paid for students attending college (this requires an additional page – other sub-headings include: American Opportunity Credit; Lifelong Learning Credit)
For Persons with Disabilities: A comprehensive list of Federal Credits and Deductions for persons with disabilities, see Publication 907, Tax Highlights for Persons with Disabilities.
Are you a low to moderate income tax payer and owe the Federal Government under $50,000? If so, do you need an advocate? Click here to learn about the Low Income Tax Payer Project, where volunteer advocates may be able to assist you.