With only a short time left before tax documents must be submitted to the IRS and the state tax departments many individuals are rushing to get their forms completed and sent out in order to avoid penalties. Some of these individuals will file their taxes themselves while others will go to a professional tax preparer and others still will use a simple online program or telefile their income taxes but whichever way you decide to file you may want to have a little bit of information about credits that can work to your advantage when you file. The recent recession has left many individuals low on funds for many of the things that they are used to having so it wouldn’t hurt to make up for a small amount of those lost funds by taking advantage of credits that can reduce the overall tax that you owe. Taking these credits is completely legal and even encouraged and some of them could reduce your tax so much that you even get a refund back. While not all credits pertain to all individuals there is likely a credit that most people can claim when filing their income taxes. So if you have yet to file your taxes for 2009 here are a few credits that you may want to see if you qualify for. If you’re lucky you may get a little extra surprise in your mailbox this tax season and we could all use that kind of surprise.

Earned Income Credit – One of the most commonly distributed tax credit is the Earned Income Tax Credit. This credit is based on your income and how many children you have and can greatly decrease the amount of tax you owe and even result in a refund. You can find the Earned Income Credit bracket in your tax booklet or online at the IRS website in order to find out how much of a credit you can claim. In some cases even single individuals can claim the credit so it is important to look up the bracket and do the worksheet.

Education Credit – Another commonly used credit is the education credit. Many individuals are mistaken in thinking that they can only get this credit if they have or are currently paid back student loans but this is not the case. The government takes into consideration the fact that you will eventually be paying these back and will give you a credit for it for two years. This is a thousand dollar credit so it is important to check to see if you are eligible for it.

Renters Credit – If you rent your apartment or home and have lived there for a certain amount of time you may be able to get a couple hundred dollar credit as well. All you have to do is fill out a simple worksheet to find out if you are eligible and you could save a couple more hundred dollars on your tax obligation.

Everyone can use a little extra money so why not see what you can get out of using tax credits when you file your taxes. You never know how much you will get back because of it.

Author Bio: Mitch Gleason has been a business writer for the past 15 years contributing to many business periodicals. Read some of his articles about Wholesale bath bombs. For more article and resource, visit Guest soaps site

Category: Finances
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