Income Tax Credits 2019

Income Tax Credits

Knowing the different income tax credits available to you can make it endlessly easier for you to save thousands of dollars on your tax. Courtesy of the dedicated accountants at Georgen Scarborough Associates, PC, here is a breakdown of the various income tax credits that you should be taking advantage of in 2019 and beyond:

The Child Tax Credit

If you have a child under the age of 17 and provide them with financial support, you should qualify for the Child Tax Credit. This tax credit is usually worth around $1.000 and $2.000 per qualifying child. In other words, you are due credit for every single one of your kids. Note, however, that this credit is also income-restricted.

The Child and Dependent Care Credit

This credit is there to help make it more affordable for working parents to pay for child care. In order to qualify, the following criteria must be complied with:

  • You must have earned an income over the last tax year,
  • You must file jointly with your spouse (if applicable),
  • You must prove that you paid for child care for a child under the age of 13, or for a disabled dependent of any age, while you worked, looked for a job or went to school.
Depending on your adjusted gross income, the Child and Dependent Care Credit is worth 20% to 35% of your qualifying expenses.

Earned Income Tax Credit

This credit is for low to medium earning families only. How much the credit is worth depends mainly on the size of the taxpayer's family. In other words, the more children you have, the more the credit will be worth. Families with three or more qualifying children can apply for this credit worth approximately $6.431.

These are the three most popular income tax credits for 2019. However, there are many more that your accountant can help you explore. Get in touch with the accountants at Georgen Scarborough Associates, PC today, and we’ll help you prepare your tax return so that you save as much money as you possibly can.

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