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  • Below are the earned income credit requirements. The general earned income tax credit requirements must be met for any taxpayer who qualifies for the earned income tax credit.

  • Below are additional earned income credit rules to the earned income credit requirements for everyone. Earned income credit rules below are used when there is a qualifying child.

  • Education tax credit is for higher education costs. There are two main education tax credits; the Hope education tax credit and the Lifetime learning education tax credit.

  • There is an elderly tax credit which anyone at least 65 years old who is qualified can claim on his or her tax return.

  • The definition of estimated tax is given by the IRS. The IRS defines estimated tax as the method used to pay tax on income that is not subject to income tax withholding.

  • If you have not made the appropriate estimated tax payments and you are required by the IRS to, then you may owe the IRS estimated tax penalty.

  • The estimated tax voucher for the federal income tax is the IRS tax form 1040-ES called Estimated Tax for Individuals.

  • Lifetime learning credit is another education tax credit that a taxpayer can claim. Lifetime learning credit is a nonrefundable education tax credit.

  • Most taxpayers have a choice of either taking the federal standard deduction or itemizing their tax deductions.

  • There are two types of federal tax credits; non refundable tax credit and refundable tax credits. In claiming tax credits, you should know the differences and understand how each federal tax credit works.


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