Tax credits can give your repayment a boost or make a difference in your tax bill. Here are some of the most popular credits and how much money they could be worth to you this Tax Season 2024.
Tax credits to consider when filing your taxes this Tax Season 2024!
Tax credits for taxpayer parents
- Adoption tax credit: If you adopted your children, in 2023, you may be qualified for a tax credit of up to $15,950 per child to help cover qualified adoption costs.
- Child tax credit: If you have children, you may be eligible for a tax credit of up to $2,000 per child. To be eligible for the credit this tax season 2024, your children must have been younger than 17 years old on the last day of 2023.
- Child and dependent care tax credit: If you experienced costs associated with child care or the care of another dependent, you may qualify for up to a $3,000 tax credit for one dependent or $6,000 for two or more dependents that you cared for in 2023 this tax season 2024.
Energy efficient upgrade tax credits this Tax Season 2024
- Electric vehicle tax credit: If you bought an electric vehicle in 2023, you may qualify for a tax credit of up to $7,500. This credit is only available if you purchased the vehicle for your use.
- Residential energy tax credit: You may qualify for a tax credit equal to 30% of the total cost of your new solar panel installation in 2023.
Read Also: Tax Season 2024: These Are All The Documents Required For Tax Filing
Education tax credits and other general tax credits this Tax Season 2024
- American opportunity credit: You may qualify for a credit of up to $2,500 per qualifying student to cover 100% of the first $2,000 you spend on qualified education expenses per student and 25% of the following $2,000 you spend.
- Lifetime learning credit: If you are qualified this credit may cover up to $2,000 in qualified education expenses this tax season 2024.
- Earned income credit: The earned income tax credit could be worth between $600 and $7,430 for the 2023 tax year, depending on your filing status and the number of children or dependents you have.
- Retirement savings contributions credit: this credit could be worth between 10% and 50% of the contributions you made to a qualifying retirement account in 2023.
Read Also: Oregon Tax Season Brings Exciting New Child Tax Credit – Boosting Family Finances!