This year, Michael saved some of his refund. “These days, there are more rainy days than less…a furnace can go out, car can break down, if you don’t have the cushion then you have to merge into other finances”.
Know your tax credits
Tax credits mean more money in your pockets.
Our IRS-certified volunteers are trained to identify the credits you are due and deserve. We work in partnership with the Claim it! campaign to make sure you're aware of the credits if you've earned them.
Check out Claim it!'s Tax Credit Guide for 2013. It defines credits, eligibilty and what you need to bring to claim them.
Below is a brief summary.
There are two types of credits
- Refundable -- You receive extra cash after the credit reduces your taxes owed to zero.
- Non-refundable -- Reduces taxes owed to zero (you don't get leftover amount in cash.
Credits you might be eligible for
- Earned Income Tax Credit (EITC) (refundable)
- Child Tax Credit (non-refundable)
- Additional Child Tax Credit (refundable)
- Child and Dependent Care Credit (non-refundable)
- American Opportunity Credit (refundable)
- Lifetime Learning Credit (non-refundable)
- Minnesota Working Family Credit (refundable)
- Child and Dependent Care Credit (refundable)
- Minnesota K-12 Education Credit and Subtraction (refundable)
- Premium Tax Credit (refundable)
- Minnesota Property Tax Refund (aka Renter's Rebate) (refundable)