Tag: Credit

Lifetime Learning Tax Credit – Expenses That Qualify

The Lifetime Learning Credit is for those who attend college classes. It allows them to get a 20% tuition expenses credit with a phase-out limit of $2,000 in tax credits on their first $10,000 of lifetime learning credittuition expenses.

This credit is for you, your spouse, or your dependents that are in an eligible school, and you … Read the rest

What is the Earned Income Credit (EIC) and How to Qualify

The Earned Income Tax Credit, also known as the EIC and EITC, is a tax credit for individuals who only make an annual income that is considered low or moderate. Your filing status and your income determine the amount of the credit.

If you are able to qualify for the credit, your federal taxes will Read the rest