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Understanding Tax Credits - BookkeeperLive

Explore the world of tax credits easily with our guide. We simplify complex tax credit concepts, providing clear explanations and visuals to help you understand who qualifies and how much you can save.

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Understanding Tax Credits - BookkeeperLive

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  1. Understanding Tax Credits

  2. Earned Income Tax Credit Targets low- to moderate-income workers/families, especially with children. It can offer significant savings based on income, filing status, and dependents.

  3. Child Tax Credit Available for taxpayers with qualifying children under 17. You can save up to $2,000 per qualifying child under age 6 and $1,500 for children ages 6-17. This credit is partially refundable.

  4. Education Credits For higher education expenses AOTC: Up to $2,500 per student, first 4 years of college. Lifetime Learning Credit: 20% on up to $10,000/year, no year limit.

  5. Tax Preparation Service Contact Us Follow Us 5473 BLAIR RD STE 100, DALLAS, TX 75231 WWW.BOOKKEEPERLIVE.COM 1 5306031227 HELLO@BOOKKEEPERLIVE.COM

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