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According to The Ascent, Tax credits are like coupons for taxes they directly lower how much you owe. These include credits for buying an electric car, earning a low to moderate income, and having children.
Electric Vehicle (EV) Tax Credit
If you bought a new electric car, you could get up to $7,500 off your taxes. This is the government’s way of encouraging people to buy environmentally friendly cars.
READ ALSO: Does Wellness And Nutrition Qualify As Medical Expenses? IRS Answers
Child Tax Credit. (PHOTO: Chapman McAlpine Law)
Earned Income Tax Credit (EITC)
This is for people who worked but didn’t earn a lot of money. You could get back up to $7,430, depending on your family size and income. If you made your home more eco-friendly by adding things like solar panels, you could get back up to 30% of the cost through the Solar Tax Credit. This helps people save money while helping the environment.
READ ALSO: 2024 Tax Credit Applications For Homeowners And Renters Open In Maryland – Check It Now!
Child Tax Credit
You could get up to $2,000 per child to help with the costs of raising them. And if the credit is more than what you owe in taxes, you might even get some money back as a refund. It’s important to look into these credits and see if you qualify.
