Tax Credits, Saving Thousands Not Just For The Rich
The first step in being efficient with your money is reviewing your income taxes. Taxes can consume anywhere from 15% to 30% or more of your income.
Yet, you don’t see tax planning mentioned much in the blogosphere or the personal finance community. I can’t blame the community. Here are tax credits that may help you save money.
The Retirement Savers Credit provides a tax credit for eligible contributions to a traditional retirement account or Roth.
1. Savers Credit
The Premium Tax Credit essentially subsidizes your monthly insurance premiums if you purchase your health insurance under the Affordable Care Act.
2. Premium tax credit
The Earned Income Tax Credit (EITC) is a tax credit for low- and moderate-income families. The Amount of the Credit varies depending on the number of children you have and your Adjusted Gross Income (AGI).
3. Earned income tax credit
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