What are the different types of tax credits available?
An example of an AI chatbot conversation about types of tax credits.
What are the different types of tax credits available?
There are several types of tax credits, including refundable, non-refundable, and partially refundable credits.
Can you explain what refundable and non-refundable credits mean?
Refundable credits can reduce your tax liability to below zero, resulting in a refund, while non-refundable credits can only reduce your tax liability to zero.
What are some examples of refundable tax credits?
Examples of refundable tax credits include the Earned Income Tax Credit (EITC) and the Child Tax Credit.
Are there any tax credits specifically for education?
Yes, there are education-related tax credits like the American Opportunity Credit and the Lifetime Learning Credit.
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