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When to Use Schedule EIC: Earned Income Credit
The earned income tax credit, or EITC, is available to taxpayers with low to moderate income. It was created in 1975 to help offset the heavy burden of Social Security taxes and act as an incentive for low-income taxpayers to continue working. Read more…

What Extra Tax Deductions Should I Make Sure To Take?
The federal government offers tax deductions and credits to reduce taxable income under certain circumstances. There are several that are often overlooked, including deductions for job hunting, caregiver expenses for dependents and children while you work, a credit to reduce taxes for moderate- to low-income earners and the premium tax credit associated with the Affordable Care Act. TurboTax can help determine if you qualify for these credits and deductions. Read more…

What Is the Difference Between a Refundable and a Nonrefundable Credit?
A tax credit can substantially reduce the amount of tax you owe, or even make your tax refund bigger. However, not all tax credits are alike. Tax credits can be refundable or nonrefundable, and sometimes partly refundable. Read more…

Video: Does the IRS Allow Deductions for Donated Work?
The IRS allows you to claim a tax deduction for some out-of-pocket expenses you accrue when volunteering your time. Find out if the IRS allows deductions for your donated work with help from TurboTax in this video clip. Read more…

Video: Changes in the Standard Deduction for Certain Tax Filers
There are other factors that affect your standard tax deduction besides your filing status. Watch this video to find out what they are. Read more…


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