What are tax credits and how do they work?
An example of an AI chatbot conversation about understanding tax credits and their benefits.
What are tax credits and how do they work?
Tax credits are amounts that reduce your tax liability, meaning they lower the amount of tax you owe. They can be refundable or non-refundable.
Can you give me examples of common tax credits?
Sure! Common tax credits include the Earned Income Tax Credit (EITC), Child Tax Credit, and education credits like the American Opportunity Credit.
How do I qualify for the Child Tax Credit?
To qualify for the Child Tax Credit, you must have a qualifying child under age 17, meet income requirements, and file a tax return.
Are tax credits the same as tax deductions?
No, they are different. Tax deductions reduce your taxable income, while tax credits directly reduce the amount of tax you owe.
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