This is a mix of lowish income and a retirement plan. If your contributions qualify, you can get a credit for planning for the future! Just head to Form 8880 and find out if you qualify. Being smart about your money does have a return!

You do not always have to get your refund back in a check. Taxes are constant, and you will have to file them every year, without fail. Sometimes, you will end up paying. If you find yourself “bad” with money or just want to leave the cash around for the next year, fill out Form 8888 and decide how much (all, part, or none) of the refund that you want applied to the next year’s taxes.

You do not always have to get your refund back in a check. Taxes are constant, and you will have to file them every year, without fail. Sometimes, you will end up paying. If you find yourself “bad” with money or just want to leave the cash around for the next year, fill out Form 8888 and decide how much (all, part, or none) of the refund that you want applied to the next year’s taxes.

For you globetrotters out there, foreign income earned in a foreign country can sometimes take US taxes! Weird, huh? Regardless, the government also lets you take a deduction or a credit for this, depending on your situation. You can either claim this in your itemized deduction, reducing your taxable income, or claim it here, reducing your tax owed. The IRS finds the latter, filling out Line 47, to be better. Use **Form 1116 to get the exact numbers.

Хорошо!

All of those child care costs can actually be deducted! If you have a dependent child under the age of 12, who is cared for by a non-family member while you work or look for work, some of what you pay qualifies. Check out Form 2441 and calculate out the deduction.

All of those child care costs can actually be deducted! If you have a dependent child under the age of 12, who is cared for by a non-family member while you work or look for work, some of what you pay qualifies. Check out Form 2441 and calculate out the deduction.

There is also a tax credit for those over 65 and/or disabled and receiving aid! This one can be figured out on Schedule R and takes into account your health, age, and other considerations. It’s a good one to have!

You’re not old – you’re strong!

The IRS knows that having children is both a part of life and costly. As a response, the government set up the “Child Tax Credit,” reducing tax liability for families making under $130,000 that have children. Figuring out the exact value is easy – just grab Schedule 8812 and copy out the value you get.

This credit is refundable, too! If it pays over your tax liability, you can pocket it.

The IRS knows that having children is both a part of life and costly. As a response, the government set up the “Child Tax Credit,” reducing tax liability for families making under $130,000 that have children. Figuring out the exact value is easy – just grab Schedule 8812 and copy out the value you get.

This credit is refundable, too! If it pays over your tax liability, you can pocket it.

You get to claim $3,800 per child (and you) as an exemption, reducing your tax need. This does not justify having a lot of kids – the math does not work in your favor.

Anyway, just take the number from Line 6d, the number of dependents, and multiply this by $3,800 – giving you the total exemption benefit.