Government offer tax credit help of many categories. If you have children or foster children you are liable to have child tax credit. Your low wages from the working place will qualify you for having Working Tax Credit. Percentages of those who get tax credits are high now. About 90 percent of families who have children get Child Tax Credit Help while a similar number of low wage earners also get work tax credits.
The amount you get as tax credit depends on certain qualifications. This can be the number of children you have, the working conditions, your childcare payments, disability of your child or children and your age are the priorities when claiming for credit help. If you don't have an income or it is negligible, you may get a higher amount as tax credit help.
Married people should jointly claim tax credit. If you don't have a partner, single claims can be made as well. The tax credit help so approved will be sent to your bank, post office, building society or national saving on a weekly or monthly basis.
The tax credit help are based on the current circumstances of a person and the income of the relevant tax year. The payments will be calculated from the date of your claim for the tax credit help to the end of the tax year.
Besides the Child Tax Credit and Working Tax Credit, education credit help can also be claimed up to $1500 for a child if they are in the first two grades of school subject to the applicants' income situation. Interest in students' loans can be deducted from the tax as well. The USA Opportunity Credit, a section of the economic stimulus act offers tax credit up to $2500 to help the cost of tuition as well as to cover fees of textbooks. Your claims can be made 100 per cent for the initial $2,000 of the expenses for qualified colleges and 25 percent for the next $2,000 spent.
If you have spent $4,000 on qualified college expenses, about $2,500 credit can be claimed. Though the college credit facilities have been there since President Clinton, the new Credit help are different as they can be claimed for four years of the college education of your child. In addition, 40 percent refundable tax credit is also on the cards. To get refunded up to $1,000 for a student who is liable to have credit help, you don't even have to own federal income tax.