The child tax credit is worth up to $1,000 per eligible child, and is refundable for taxpayers with an earned income of more than $3,000.
Parents who work or attend school and pay for child care may qualify for the child and dependent care credit. The maximum amount is $3,000 per qualifying dependent or $6,000 for two or more qualifying dependents under the age of ...13.
The earned income credit is for working taxpayers with low to moderate income. The refundable credit amount is based on filing status, number of qualifying children and income level. Families with three or more qualifying children could qualify for up to $5,891.
The refundability of the adoption credit has expired, but the credit is still available and worth up to $12,650 in qualified expenses for 2012.
College and education
You could deduct up to $4,000 for tuition and fees paid in 2012.
Paying off student loans? You may be able to deduct up to $2,500 in interest paid during 2012.
The American Opportunity Credit is worth up to $2,500 per student for post-secondary tuition, fees and course materials.
Contributing to a Coverdell Education Savings Account? You can exempt a maximum of $2,000 per student in annual contributions.
If itemizing your deductions, you may be able deduct mortgage insurance premiums paid during 2012.
The nonbusiness energy property credit for qualified energy-efficient home improvements (insulation, exterior windows and doors, central air conditioners, water heaters and other improvements) was extended for 2012 and 2013. If you've claimed this credit on previous year tax returns after 2005, you must subtract the collective amount from the $500 available for 2012.
Grade K-12 educators can deduct $250 in out-of-pocket expenses for classroom supplies.
You may be able to exempt employer-provided mass transit and parking benefits from your gross income.
If you itemize and have paid for work-related education, there’s a deduction for your costs paid minus any employer reimbursed amount.
Hundreds more tax benefits are up for grabs on this year’s federal returns due April 15.
When you’re ready to do your taxes we can help you save time and money and help you find all the deductions that you are entitled to.