Common Tax Credits

Tax Credits for Households with Children

You can save up to $1,000 in taxes for each child in your family under 17.

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Tax Credits for Working People

There are two tax credits designed to help out low and modest income wage earners. The Earned Income Tax Credit is for working individuals and families and can put money (up to $5,000) back into your pocket at the end of the year.

Hope and Lifetime Education Credits

Education after high school is expensive and getting more expensive every year. These tax credits are designed to help you pay those bills and to stay in school. Hope Credit Although you may have had to pay for costly college expenses, the Hope Credit, (also called the American Opportunity Tax Credit), can help with these costs by allowing you to deduct $1,800 directly off your taxes, if your income qualifies.

Retirement Savings Tax Credit

The Retirement Savings Contribution Credit, also known as the Saver’s Credit, gives you a credit for up to half of what you contribute to your IRA or other qualified retirement plan. Up to $2,000 of your annual contribution is eligible for the credit.

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