Welcome to Federal Tax Credits
Federal Tax Credit is a tax resource website to help people understand and take advantage
of different federal tax credits available so that they can file their tax returns
correctly. Everyone should take advantage and claim as many tax credits as they are
entitled to and its our website's goal to help you find all the federal tax credits for
your situation in order to claim all the income tax credits you 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, federal 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 federal tax credits are much more desirable than nonrefundable tax credits.
- refundable tax credits and
- nonrefundable tax credits.
If you are using a tax preparation software to help you file your taxes, then finding
federal tax credits can be an easy task for you. If you use a good tax software then the
software will find all the available federal tax credits for you. Most of the time, all you
need to do is answer questions the software asks and make sure you do not skip anything. A
good tax software will make it very easy for you to prepare your tax return and find all
those federal tax credits and also tax deductions for you. Some great tax software are:
HR Block tax software are easy to use. They do have a free version which you can use to
prepare your tax return. For most people, if you do not have a complicated tax situation,
the free software is enough. You can start using the free software and see if its enough
for your tax situation. There is no risk, if you find that you need more help with your tax
situation, then you can always upgrade to a different version or change to a different
software altogether. You are not obligated to use their free tax software. You can make an
account and see if you like their format. Most of the time, the best tax software for your
needs is one that you feel most comfortable using. Different tax software have different
styles and formats so it is good for you to check them all out before you start preparing
your tax return and file for real. There is no risk in making accounts. You can make an
account for each tax software you are interested in and you can then decide which one makes
you more comfortable using.
TurboTax is another software that is very popular. TurboTax also has a free version of
the software, similar to what you will find at HR Block. If you haven't used either HR
Block software or TurboTax, it maybe difficult to decide between the two. You will find
that they are a bit different. However, if you have a very simple straight forward tax
situation, then both of them will work well for you. They will help you file your tax
return and find all the simple federal tax credits and tax deductions for you. If you have
a straight forward tax return to prepare, then you can use either HR Block or TurboTax. You
might try them both and decide which one you prefer before sending your tax returns to the
Another company you may have seen many ads around is Tax Act. They too offer free federal
tax filing. With all these free tax preparation software, you might be overwhelmed but to
get the maximum tax credits and deductions it may be worth the efforts and time to
investigate them to see which tax software fit your needs the most. Once you know then you
can keep using the same tax software every year. Most tax software will keep your previous
tax returns filed using their software so when it's time for you to prepare your tax return
next year, its easy to pull the information from the previous tax returns. Sometimes, in
order to claim tax credits and deductions you will need amounts from previous tax returns
to calculate how much tax credits and deductions you are entitled to. Having previous tax
returns in one place makes calculating tax credits and tax deductions easy.
If you are ready to get started finding the most federal tax credits you can find, we have
lots of resources to help you on our website. You can also visit the IRS website for lots
of information on tax credits and deductions but information on the IRS website can be
overwhelmed so we make it easier for you here on our website. We have information, books,
CDs, DVDs, software and access to expert advice here on our website to help you find all
the federal tax credits you can claim. Some books, CDs, DVDs, and other resources can be
expensive and we aim to help you save money so we have found everything at the lowest
prices for you here.
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