How do tax credits work?
An example of an AI chatbot conversation about how tax credits function and their benefits.
Can you explain how tax credits work?
Sure! Tax credits reduce the amount of tax you owe to the government, directly lowering your tax bill.
Are there different types of tax credits?
Yes, there are two main types: nonrefundable and refundable. Nonrefundable credits can reduce your tax to zero, while refundable credits can result in a refund.
Can you give me an example of a tax credit?
Certainly! The Earned Income Tax Credit (EITC) is a popular refundable tax credit for low to moderate-income working individuals and families.
How do I know if I qualify for a tax credit?
You can check eligibility criteria on the IRS website or consult a tax professional to see which credits you may qualify for.
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