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Child Tax Credits |
How can you benefit from the Child Tax Credit? CTC is a federal tax credit now
worth up to $1,000 per child for the tax year 2004. New eligibility requirements
enacted by congress allow more families to become eligible for the CTC,
regardless of whether they owe income tax. Certain families may also be eligible
for both the CTC and the EITC.
You may claim this credit if you pay someone to care for your dependent who is
under 13 or for your spouse or dependent who is not able to care for him or
herself. The Credit can be up to 30% of your expenses. To qualify, you must pay
these expenses so you can work or look for work. |
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Education Credits |
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Education Credits are available to persons who pay expenses for higher
education. You can claim this credit if A) you pay qualified tuition and related
expenses of higher education (this includes borrowed funds) B) you pay the
tuition and related expenses for an eligible student C) the eligible student is
either yourself, your spouse or a dependent you claim. |
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Earned Income Tax Credit |
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What is the Earned Income Tax Credit? It's money in your pocket! The Earned
Income Tax Credit is refundable Federal tax credit for eligible individuals and
families who work and have earned income. The EITC reduces the amount of tax you
owe, and it may give you refund. |
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