Knowledge
is Power!
Don't Miss Out on These Important Credits
Earned
Income Tax Credit (EITC)
A tax credit for working families.
EITC lets you keep more of the money you worked so hard to
earn.
Child Tax Credit If you have children under age 17, you probably qualify.
Credit
for Child and Dependent Care Expenses
This credit reduces your taxes by providing a tax credit
for money you spend on day care and child care services, while you
work or look for work.
This credit is also available if you pay someone to care
for a spouse or dependent, regardless of age, who is unable to
care for himself .
Education
Credits
The
Hope credit and the lifetime learning credit help parents and
students pay for college.
Savers
Credit
The
saver’s credit helps low and moderate-income workers save for
retirement.
You probably qualify if your income is below certain limits
and you contribute to an IRA or workplace retirement plan, such as
a 401(k).
Energy
Saving Credits
You
can take a credit based on what you spend on various energy-saving
improvements made to your main home.
New energy-efficient improvements qualify.
Credit
for the Elderly or Disabled
If
you are age 65 or older, or if you are disabled you can reduce
your taxes with this credit.
Tax
Benefits for Military
Active
members of the U.S. Armed Forces, may qualify for special benefits
Hybrid
Car Tax Credit
Which
hybrid cars qualify? How much is the deduction?
Mortgage
Forgiveness Debt Relief Act
Valuable
tax relief for struggling homeowners.
Educator
Expenses
If
you are a teacher, and pay for supplies out of your pocket, find
out how much can you claim as a deduction.
Student
Loan Interest Deduction
If
you paid student loan interest, find out how you can claim it.
Tuition
and Fees
If
you took college classes, you may be able to deduct tuition and
other fees.
IRS
Disaster Relief
If
you live in an area that was declared a national disaster—like,
the June, 2008 storms and flooding, you may be qualify for
disaster relief.
Just for Illinoisans Tax information for people living in IL.