Stretch Your Dollar: 6 tax credits that may get you more money back on your return

Stretch Your Dollar

(WTNH)– The state and IRS pushed back the deadline to file your taxes this year, which means more time to get them done correctly and maximize your return. You’ll want to see these credits that may get you more money. We are stretching your dollar with six to take note. These come to us from cnet.com.

First is the recovery rebate credit… ask your preparer about this if you haven’t gotten the full amount of any of the three stimulus checks.

Next is the earned income tax credit, which is designed to help families with lower income.

The child tax credit, which went up this year, allows working families to claim a credit on each qualifying child. And if that applies to you, the child care tax credit may as well.

The saver’s credit is for people who have contributed to an IRA or retirement plan. The amount you can claim depends on your adjusted gross income.

And number six, the credit for elderly or disabled. If you’re 65 or older, retired or permanent disabled, you may want to ask your preparer about that credit.

That’s just a start. And remember that deadline to file was pushed back to May 17th.

Get more money on your taxed, according to cnet.com:

  1. Recovery rebate credit: if you haven’t received stimulus or part of any three stimulus payments
  2. Earned income tax credit: help low-income families, may reduce taxable income & wages.
  3. Child tax credit: increased this year and can be claimed on each qualifying child.
  4. Child care tax credit: families making less than $125k, $4k for one child and $8k two or more.
  5. Savers credit: payments to IRA or retirement plan and amount depends on adjusted gross income 18 or older
  6. Credit for elderly or disabled: 65+, retired or permanent disability. Credit ranging $3,750 – $7,500.

 

Copyright 2021 Nexstar Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Trending Stories

Don't Miss

More Don't Miss