Glossary

The Savers Credit is a tax incentive for low to moderate-income earners who contribute to retirement savings plans. It reduces tax liability while encouraging future financial security.

The Premium Tax Credit (PTC) aids individuals and families in covering health insurance premiums purchased through the Health Insurance Marketplace. It aims to make healthcare accessible and affordable.

The Electric Vehicle (EV) Credit is a federal tax incentive designed to encourage the purchase and use of eco-friendly electric vehicles by reducing the taxpayer’s liability.

The Residential Energy Credit incentivizes homeowners to adopt energy-efficient improvements by offering tax credits. Learn how this affects your tax filings.

The Child and Dependent Care Credit provides tax relief to taxpayers paying for the care of children or dependents while they work or look for work. Discover its features, filing requirements, and importance in financial planning.

The Adoption Credit is a tax benefit offered by the IRS to help offset the costs associated with adopting a child. It provides eligible taxpayers with a financial credit on their federal returns.

The Lifetime Learning Credit is a valuable tax benefit allowing eligible taxpayers to claim a credit for qualified education expenses.

The American Opportunity Credit is a tax credit aimed at making higher education more affordable by reducing the amount of tax owed on a dollar-for-dollar basis.

The Earned Income Tax Credit (EITC) is a tax credit for low-to-moderate income working individuals and families, designed to reduce the amount of tax owed and potentially increase refunds.

The Child Tax Credit is a crucial tax benefit provided to eligible families to help reduce the financial burdens of raising children.