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Common Tax Credits
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Common Tax Credits:

        Refundable

  • Earned Income benefits low income workers
  • American Opportunity offsets higher education expenses during the first four years
  • Child Tax Credit offsets the cost of raising children under the age of 17
          Non-Refundable

  • Child and Dependent Care Expense offsets certain child care costs for those under 13 or other dependents incapable of self care
  • Lifetime Learning also offsets expenses associated with education, but is less restrictive than the American Opportunity
  • Savers provides an incentive for low wage earners to save for retirement
  • Adoption Tax Credit offsets costs associated with adopting a child

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