Questions tagged [tax-credit]
for questions that relate to tax credits. A tax credit is a sum deducted from the total amount a taxpayer owes to the state.
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Can I get the "EV Federal Income Tax Credit" if I moved to US in 2024 and want to use my previous 2023 year's income?
I moved to the US a few months ago at the start of 2024 and I am considering buying an EV. I am looking up all the rules for the EV tax credit and my this year's projected income will likely cross the ...
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Child Tax Credits are ending. Why would they send me a renewal pack?
Child Tax Credits are ending in 2024 and eligible users are migrating to Universal Credit.
The letter ending Child Tax Credit payments for someone not moving to Universal Credit nevertheless states ...
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Is there anything wrong if I request the Earned Income Tax Credit (EITC) if I live abroad with my family?
My tax software seems to allow me to fill out Earned Income Tax Credit (EITC) but I wanted to make sure that I really qualify.
For 2023, I have earned income $52,000 and $5500 in a stock sale and $2-...
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Does Ontario cap the eligible amount of tax deductible donation to 75% of the net income for 2024?
I googled this for quite a while but I couldn't find anything from official Canadian government sources other than 5.05% on the 1st 200$ and 11.16% on the next ones... where am I supposed to look? I'm ...
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Can I get the "Electric Vehicles Federal Income Tax Credit" for previous year as a non-resident but this year I am a resident of California?
Last year I filed the tax as a non-resident (lived in US/California less than 180 days, but I have a non-immigrant dual intend L1 visa). This year I am filing tax as a resident in California. If I buy ...
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Can a prior-year deposit be included in a current-year tax credit?
I'm hoping to replace some older windows with energy-efficient ones. The new windows would qualify for the Energy Efficient Home Improvement Credit. The concern I have is timing: the company I'm ...
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Estimated Taxes and Solar Tax Credit [duplicate]
Can I apply the anticipated solar tax credit for my system that was installed in 2023 to my Form 1040-ES estimated tax payments (i.e. lowering them by that amount) without incurring an underpayment ...
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Does “sales price” include sales tax for the IRS Used Clean Vehicle Credit?
I am considering purchasing a used electric vehicle (EV) from a dealer, and I am wondering whether it qualifies for the 2023 $4,000 Used EV Credit from the 2022 Inflation Reduction Act. According to ...
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Can a non-refundable tax credit be used to negate an early withdraw penalty from Traditional IRA?
I'm considering buying a new electric vehicle which would qualify for the US Federal Clean Vehicle Tax Credit.
In theory, I could be eligible for up to a $7500 tax credit.
My current paycheck tax ...
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Are Gift Aid payments deductible from the point of view of Child Tax Credit claims?
Can I reduce my declared income on my Child Tax Credit claim by my Gift Aided charitable donations made in the tax year?
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How does the reduction in tax relief for mortgage interest on property affect Child Tax Credit claims?
As per Revenue Benefits:
Changes to the tax system for landlords of residential properties mean that from 6 April 2017 tax relief for finance costs such as mortgage interest will be restricted to the ...
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When do I include solar credits on my taxes if they are contracted and installed in different years?
In California, USA, in October of 2022 I signed a contract, paid a deposit, and began making payments (10 year term) on solar panels for an investment property
The unusually stormy season has delayed ...
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Is there a child credit refund for tax year 2022, or is it just a reduction in tax liability? (IRS 1040)
My tax software didn't show a refund for child credits on my IRS 1040 for tax year 2022 as it did in previous years. I paid foreign taxes and still the balance shows as zero instead of a refund.
I ...
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Can I use a Mortgage Interest Statement Form 1098 to reduce my taxes?
I have only one house, which I live in. I received a Form 1098 Mortgage Interest Statement for 2022 from my bank. Since I'm early in the mortgage, the interest I pay is quite a large percent of the ...
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Why does the credit for prior year AMT exist?
The ways in which the US alternative minimum tax (AMT) differs from the regular tax fall into two components: excluded deductions (e.g., state taxes) and disallowed deferrals (e.g., exercising ISOs (...
