When filing taxes this year, make sure that
you use every credit you qualify for so you can minimize your tax bill. Some of
the tax credits that you would not like to miss are:
Child and Dependent Care Credit
If your child is under 13 and spends time
at a day care or a day camp so that you can work, you can claim this tax credit
of up to 35% of your qualifying costs for the care. An individual taxpayer can
claim up to $3,000 of your total costs. Two qualifying individuals can claim up
to $6,000 of the total costs for the care.
You can also claim this tax credit for a
disabled spouse, a dependent, or a spouse or dependent who lived with you for
more than 6 months in a year and who was physically or mentally incapable of
self-care. If you are married and filing jointly or if you or your spouse are
paying for the care of your child/children, you can claim this tax credit.
This tax credit can be claimed in addition
to the Credit for the Credit and Dependent Care Credit. This credit can reduce
your taxes by $1,000 for each qualified child. A child can qualify if they are
less than 17 years of age in 2013. It is a non-refundable credit.
The Additional Child Tax Credit is a
refundable tax credit and may be used by those who do not owe any taxes.
Claiming this credit on their tax return will get them a refund.
This tax credit, also called the Retirement
Savings Contribution Credit, encourages taxpayers to save for their retirement.
You qualify for this credit if you contribute to an IRA or a retirement plan
offered by your employer, and your income levels for 2013 are:
filing separately or a single taxpayer with income up to $29,500
of household with income up to $44,250
filing jointly with income up to $59,000
This tax credit can be worth up to $2,000
for married couples filing a joint return and worth up to $1,000 for single