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Child Tax Credit Calculator and Top 7 Requirements
The Child Tax Credit can significantly reduce your tax bill if you meet all seven requirements: 1. age, 2. relationship, 3. support, 4. dependent status, 5. citizenship, 6. length of residency and 7. family income. You and/or your child must pass all seven to claim this tax credit. Use our child tax credit calculator to determine your eligibility for tax year 2020 or tax year 2021. Read more…

Filing Tax Form 8862: Information to Claim Earned Income Credit after Disallowance
The Earned Income Credit (EIC) is a valuable, refundable tax credit available to low and moderate income taxpayers and families. If your EIC was disallowed or reduced for reasons other than math or clerical errors after 1996, you may need to file Form 8862 before the Internal Revenue Service allows you to use the credit again. Read more…

What Are Standard Tax Deductions?
The standard tax deduction is a flat amount that the tax system lets you deduct, no questions asked. 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…

Deductions for Sales Tax
Most states charge a sales tax on the purchase of goods sold within their jurisdictions. However, there are several tax-free states in which you can shop that do not impose a sales tax on retail purchases. But, regardless of whether you shop in a tax-free state or not, sales taxes can impact your federal tax return. Read more…

More Tax Deductions and Credits Articles

Standard Deduction vs. Itemized Deductions: Which Is Better? Deductions Allowed for Contributions to a Traditional IRA What is Payroll Tax Relief and When Does It Apply? Stimulus 2021: Self-Employed Tax Credits and Social Security Tax Deferrals Available During COVID-19 What You Need to Know About Truck Driver Tax Deductions 5 Things You Should Know about Refundable Tax Credits 7 Best Tips to Lower Your Tax Bill from TurboTax Tax Experts When to Use Schedule EIC: Earned Income Credit Do I Qualify for Earned Income Credit While on Unemployment? 5 Facts About the Earned Income Tax Credit What Are Tax Deductions? Tax Deductions 2020: What Will Sunset or Change? What is the Recovery Rebate Credit and am I Eligible? Earned Income Credit What Are Itemized Tax Deductions? What Extra Tax Deductions Should I Make Sure To Take? What Is the Difference Between a Refundable and a Nonrefundable Credit? How Major Life Events Affect Your Taxes What is the IRS Form 8812? Child Tax Credit The 5 Biggest Tax Credits You Might Qualify For The Ins and Outs of the Child and Dependent Care Tax Credit Filing Tax Form 2441: Child and Dependent Care Expenses 9 Things You Didn't Know Were Tax Deductions What is the Additional Child Tax Credit? Is Your Car Registration Deductible? The Land of Unknown Tax Deductions 8 Things You Think Are Tax Deductible That Aren't Video: Changes in the Standard Deduction for Certain Tax Filers Video: What Is the Standard Tax Deduction? 8 Common Life Events That Affect Your Taxes 4 Tax Credits and Deductions for Retiring Baby Boomers Video: Filing Schedule EIC Earned Income Credit Video: Who Qualifies for the 2015 Earned Income Tax Credit Can You Claim a Boat or RV as a Primary Residence? 6 Tax-saving Strategies and Tips from TurboTax Experts What is Form 8995? What is Form 8995-A? Which Charitable Contributions are Tax Deductible? Video: What Are Tax Deductions? Top Tax Breaks for Disabled Veterans 10 Strange But Legitimate Federal Tax Deductions Video: The New 2009 Tax Deduction for Car Buyers How to Write Off Sales Taxes Video: What Are Tax Credits? What Are Tax Credits? How to Maximize Your Itemized Tax Deductions Video: Common Income Tax Deductions Video: What Are Itemized Tax Deductions? Can I Deduct Legal Fees on My Taxes? The Home Office Deduction How to Minimize Taxable Events What Is the IRS Form 5405? Home Ownership Tax Deductions

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