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Tax INFORMATION
Available Tax
Credits
Child Tax Credits:
How can you benefit from the Child Tax Credit? CTC is a federal tax credit
now worth up to $1,000 per child for the tax year 2008. New eligibility
requirements enacted by congress allow more families to become eligible for
the CTC, regardless of whether they owe income tax. Certain families may also
be eligible for both the CTC and the EITC.
You may claim this credit
if you pay someone to care for your dependent who is under 13 or for your
spouse or dependent who is not able to care for him or herself. The Credit
can be up to 30% of your expenses. To qualify, you must pay these expenses so
you can work or look for work.
Education Credits:
Education Credits are available to persons who pay expenses for higher
education. You can claim this credit if A) you pay qualified tuition and
related expenses of higher education (this includes borrowed funds) B) you
pay the tuition and related expenses for an eligible student C) the eligible
student is either yourself, your spouse or a dependent you claim.
Earned Income Tax
Credit:
What is the Earned Income Tax Credit? It's money in your pocket! The Earned
Income Tax Credit is refundable Federal tax credit for eligible individuals
and families who work and have earned income. The EITC reduces the amount of
tax you owe, and it may give you refund.
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