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As tax season rolls around, many people are familiar with popular tax credits like the Earned Income Tax Credit (EITC) and the Child Tax Credit. However, several lesser-known tax credits could help you save even more money. Here are a few you should know about before filing your return.
If you contributed to a retirement account like a 401(k) or IRA, you may qualify for the Saver’s Credit. Designed to encourage lower- and middle-income individuals to save for retirement, this credit can be worth up to $1,000 ($2,000 for married couples filing jointly). Eligibility is based on your income level, with the highest credit amounts available to those with the lowest adjusted gross income (AGI).
While many parents claim the Child and Dependent Care Credit, fewer know that this credit isn’t just for daycare. If you paid for summer camps, babysitters, or after-school programs so you could work or look for work, you may be eligible.
Did you know that you can claim a tax credit for supporting an elderly parent or other dependent who doesn’t qualify for the Child Tax Credit? The Credit for Other Dependents is worth up to $500 per qualifying dependent and can help offset the cost of caring for a loved one.
If you’ve made eco-friendly upgrades to your home, you could qualify for this credit. Homeowners who install solar panels, wind turbines, or geothermal heat pumps may receive a 30% credit on installation costs through 2032.
Many taxpayers claim education-related deductions, but the AOTC goes beyond just tuition. It also covers expenses like textbooks, required course materials, and even laptops—if they’re needed for coursework. The credit is worth up to $2,500 per student per year for the first four years of higher education.
Adopting a child can be expensive, but the IRS offers a tax credit to help cover costs. In 2024, the credit is worth up to $15,950 per child for qualifying expenses such as adoption fees, court costs, and travel expenses related to adoption.
Thinking about buying an electric car? The federal government offers a tax credit of up to $7,500 for new EV purchases and $4,000 for used EVs, depending on the vehicle model and battery capacity. However, the credit is only available if your adjusted gross income falls within certain limits.
Many taxpayers overlook these credits, leaving money on the table. Before filing your return, check to see if you qualify for any of these lesser-known tax benefits. A little research could lead to significant savings this tax season!
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Lesser-Known Tax Credits That Could Increase Your Refund was originally published on 92q.com
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