Please wait, loading...

US Tax Credits and Deductions

Tax Saving Credits for U.S. Taxpayers with Children

February 27, 2014

For 2013, the U.S. Department of Health and Human Services (HHS) estimated that the basic cost of raising a child in the U.S. was $4,020 yearly, which can be quite taxing for single parents and individuals with low income, particularly in cases where families have more than one child. The U.S Internal Revenue Service (IRS)...

US Taxes

IRS Earned Income Tax Credit, Form 8867 & Letter 4989

January 10, 2014

Tax credits and deductions are helpful in minimizing U.S. taxpayers’ tax burden. In order to claim these deductions/credits, the Internal Revenue Service (IRS) expects taxpayers to fulfill requirements to prevent individuals from taking advantage of the credit. However, the IRS has noticed negligence when claiming deductions such as the Earned Income Tax Credit (EITC), which...