Federal Tax Credits
 
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Federal Tax Credits

Federal Tax Credit is a tax resource website to help people understand different federal tax credits so that they can file their tax returns correctly and are able to claim all the income tax credits they are eligible to claim.

There are many federal tax credits available to taxpayers. The rules for qualifying for each federal tax credit can be confusing and they are different for each tax credit. However, tax credits can greatly reduce a taxpayer's tax liability so if a taxpayer is eligible to claim any federal tax credits, he or she should definitely do so.

What is a federal tax credit?

A federal tax credit reduces your tax dollar for dollar, unlike tax deductions which reduce the amount of taxable income which the IRS uses to calculate tax owed. There are two kinds of federal tax credits; refundable tax credits and nonrefundable tax credits. Refundable federal tax credits are much more desirable than nonrefundable tax credits.

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