Some tax credits are refundable
A tax credit is a dollar-for-dollar reduction of your tax bill. A tax credit is different than a tax deduction in that it can be claimed regardless of whether you itemize your deductions. There are over a dozen tax credits available to individual taxpayers under specific income limits, including credits for caring for children, continuing education, saving for retirement, and owning an energy efficient home.
A tax credit is a dollar-for-dollar reduction of your tax bill. A tax credit is different than a tax deduction in that it can be claimed regardless of whether you itemize your deductions. There are over a dozen tax credits available to individual taxpayers under specific income limits, including credits for caring for children, continuing education, saving for retirement, and owning an energy efficient home.
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