An individual taxpayer who spends money on higher education may be eligible for the American Opportunity Tax Credit (AOTC). This example covers the eligibility, calculation, and reporting of AOTC on IRS Form 8863.
Taxpayers may be eligible for a wind energy tax credit when they file their annual Form 1040 tax return. This article covers the basics of the small wind energy credit and how to complete Form 5695.
A U.S. taxpayer may be eligible for a residential energy tax credit if they make eligible improvements to their property. This article covers the basics and a sample Form 5695 for the 2022 tax year.
Many taxpayers with children are eligible for a child tax credit (CTC) when filing their annual Form 1040. A common question is whether the benefit from the CTC impacts their existing unemployment or welfare benefits.
Certain taxpayers are eligible for a federal tax credit when they make contributions to a retirement account. This article discusses the Form 8880 and how to complete the form in TurboTax for 2022.
The Child Tax Credit (CTC) for the 2023 tax year has some changes from the prior tax years. This article covers the main changes and what taxpayers need to know for this tax season.
The work opportunity tax credit is a federal tax credit available to employers who hire employees from certain targeted groups. This article covers the basics of the credit and how to complete Forms 8850 and 9061.
The earned income credit (EIC) is a federal tax credit that helps low to medium income taxpayers reduce their federal taxes each year. Many states have their own version of the credit, including Oregon.
The work opportunity tax credit is a federal tax credit available to employers who hire employees from certain targeted groups. This article covers the basics of the credit and how to complete Form 5884.
U.S. taxpayers may be eligible for a federal tax credit if they purchase a qualified electric vehicle. This article and video tutorial covers the EV tax credit rules and a sample Form 8936 to claim the credit.
