Tax Resources
 

Tax Credits

Some tax credits are refundable while other tax credits are nonrefundable. Taxpayers love refundable tax credits because they are like money directly into their pocket whereas nonrefundable tax credits can only decrease their tax liability. If they don't owe any taxes, then the nonrefundable tax credit is useless to them, unless they qualify for additional child tax credit (not the child tax credit but the additional child tax credit).

IRS Federal income Tax Credits

Summary:

1) Earned income tax credit (EIC)
2) Child and Dependent Care Tax credit
3) Child tax credit and additional child tax credit
4) Education tax credit and other tax credits
5) Elderly or the Disabled Tax Credits

Tax Questions