Monday, March 26, 2012
Money Monday: Tax Credits
Everyone likes to save money at tax time. That's why it's important to know what tax credits you might qualify for. In tonight's Money Monday, 7's Lynn Martinez tells us what you should look for.
WSVN -- The Romero family knows they can always count on one thing at tax time, the child tax credit. It's a $100 credit given to children under age 17. Daughter Leilani qualifies.
Dagyana Romero: "She's almost four and we're getting back almost a grand for her, and you know that's always a good thing."
Here's another credit that will save parents money. The child and dependent care credit t's for kids under 13 who are in daycare or after school care.
Sheri Schultz: "It's up to $3,000 for each child and it only is for two children up to $6,000 dollars that's the most."
This credit is also for adults who might need care. Then there are education credits for students.
Linda Brinkley: "The American Opportunity Credit for instance is a refundable credit of $1,000 and that credit can be added to your refund. And an extra $1,000 can always help."
The lifetime learning credit is another education credit for any schooling you might need after college. Up to $2,000 a year then there's a credit given to people with lower incomes. The earned income tax credit.
Linda Brinkley: "Due to a lot of unemployment, a lot of clients that were never eligible are now eligible for the earned income credit. It can be as low as $100 or as much as $5,000 depending on your income."
Whether you're unemployed, a working parent or a student these tax credits are money in your pocket. And for families like the Romeros every dollar counts.
Dagyana Romero: "The child tax credit is something that we're blessed to have. To know that it's out there for parents that can use the help."
And if you've already had your taxes done H&R Block is now offering a free service called "a second look." Experts look at your return to make sure you've received every credit and deduction that you qualify for.
If you'd like to learn more about tax credits just log on to our website and if you have story ideas for Money Monday, email us at: email@example.com
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