0
What is considered a tax credit and what will reduce the taxes you owe?
Wiki User
∙ 13y ago
When any one has a credit amount that you could possibly receive it could be a good thing for you.
Tax credit is a possible amount that you could qualify for IF you meet all of the rules that have to be met for that purpose. You can have a refundable credit amount or a nonrefundable credit amount. And it could be possible that either one could reduce the amount of your federal income tax liability once your federal 1040 income tax return is completed correctly down to the last line on the 1040 income tax return.
Wiki User
∙ 13y ago
Add your answer:
Earn +20 pts
What tax credit will reduce the amount of taxes you owe?
Child tax credit
Can they take your taxes if you owe a car loan?
no
Difference between credit sales and credit purchases?
credit sales are sales you have made on credit, so they still owe you the money for that item. credit purchases are things you have purchased from your suppliers on credit and therefore you owe the money for
Can you get federal student aid if your parents owe back taxes?
Yes. Just because they owe back taxes, doesn't mean that it will affect your student aid.
Do you owe taxes on unused flexible spending dollars?
no
Which of thr following is considered a tax credit which will directly reduce the taxes you owe?
Earned income credit
What tax credit will reduce the amount of taxes you owe?
Child tax credit
Can you get a passport card if you owe taxes?
No credit check for a passport.
What's An amount you subtract from the amount of taxes you owe is called?
tax credit
Need to reduce to amount of back taxes that I owe. I owe too much.?
Owing back taxes is not very fun. To get rid of this debt, or reduce it (which is probably more likely), talk to a local tax professional. Many cities have debt specialists that offer free services too. Check one out.
how can i find out what i owe taxes on for the year 2003?
Learning tax credit for which your family is eligible, you can only take the credit for the amount you owe in taxes.the following website gives more info abt www.nsuok.edu/finaid/incometaxcredit.html.
Can you get a tax credit if you owe no taxes?
There are two main categories of credits that you may qualify for on your federcal income taxes: refundable and nonrefundable credits. Nonrefundable credits can reduce any tax liablity you may have to zero, but no further - even if the credit you qualify for is more than your tax. Refundable credits can reduce your tax and increase your refund so that you get money back from the government. Common examples of refundable credits is the Additional Child Tax Credit and the Earned Income Credit (a credit for lower income families and individuals). Some examples of nonrefundable credits include the Credit for Child and Dependent Care Expenses, Credit for the Elderly or the Disabled, and the Child Tax Credit.
What will happen if you file the current years taxes and owe for back taxes?
You will have to pay a fine. And pay all the money back that you owe.
Can fed take my taxes if i owe state?
if i owe federal taxes will they take my state refund
Can your federal income tax return be garnished?
If you owe back taxes, or owe the social security, have a judgment aginest you the taxes can be garnished.
What if you have no money to pay your taxes?
You are legally required to pay taxes. Taxes are only due on money you have earned therefore if you owe taxes you have had the money. If you do not pay the taxes you owe you will be sent to court and made to pay - even if you go to prison you will still owe the tax man.
Why would you owe taxes?
As far as federal taxes owed for earning a wage in the United States; anyone who has made over $8000.00 on a tax year has to file a tax return an in most cases will owe taxes to the government.Earning wages will cause you to owe taxes.
