American Tax Service

Helping Americans File Their Taxes

Apr
18

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Tax Credits for Electric Cars

Category: Credits Tags: , , , , , , ,

Electric vehicle tax credits can be highly valuable, but there are a lot of confusing rules regarding how they work.

electric car and vehicle tax credit

This guide will show you what you need to know about tax credits on plug-in electric vehicles.

It will also answer some of the most common questions people have.

What Are the Electric Vehicle Tax Credits?

The Qualified Plug-in Electric Drive Motor Vehicle Credit (IRC 30D), which is now known as the Clean Vehicle Credit, was amended by the Inflation Reduction Act of 2022 (Public Law 117-169).… Read the rest

Oct
13

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Child and Dependent Care Tax Credit 

Category: Credits Tags: , , , , , , , , ,

What is the child and dependent care tax credit? One of the most difficult financial burdens, when you have young children, is paying for dependent care, but some good news is that there are some relief options when it comes time to file your taxes.

What is the Child and Dependent Care Tax Credit?

The child and dependent care tax credit is available for almost anyone who has a dependent and is working.

The dependent care tax credit is different than the child tax credit, and this article is intended to help you understand how to claim the childcare tax credit.… Read the rest

Oct
13

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How Much Do You Get Back in Taxes for a Child?

Category: Credits Tags: , , , , , , , , ,

how much do I get back in taxes for a child

The entire tax code was reformed under President Trump’s Tax Cuts and Jobs Act (TCJA). The TCJA has changed many things about the Child Tax Credit. These new rules apply to the new tax season.

How Much do I Get Back for a Child?

Under the TCJA, the Child Tax Credit saw a substantial increase to $2,000 per qualifying child. Up to $1,400 of this amount is refundable, depending on your income. This has doubled the previous amount, and the Child Tax Credit was previously only refundable if you were also claiming the Additional Child Tax Credit.… Read the rest

Aug
28

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Earned Income Tax Credit & Credit Table

Category: Credits Tags: , , , , , , , , , , ,

Although an incredible number of families currently claim this valuable tax break, the IRS says many more qualify for this refundable tax credit yet neglect to take advantage of it.

Check out the earned income credit table and see how much you qualify for.

The guidelines for (EIC) Earned Income Credit Table were recently increased; therefore, many more families meet the requirements and can claim the earned income credit. Take a couple of minutes to ensure you don’t pass up a credit that might provide you with a bigger refund check.

How Much are the EIC, Earned Income Credit Table Amounts for 2021, 2022?

… Read the rest

Apr
1

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Who Can Qualify for The Earned Income Credit?

Category: Credits Tags: , , , , , , , , , ,

The Earned Income Tax Credit (or “EITC” for short) is an excellent option for low-income families and individual filers to utilize for a larger return and overall cash back from the government when you file your taxes. While fairly straight-forward to understand, many tax filers do no understand how the EITC works, and if they qualify. It’s estimated that nearly 1/5 qualified applicants don’t use the credit.

who can qualify for the earned income credit?

This article will help you understand the basics of the earned income credit, and will also help you determine if you can claim the Earned Income Credit and if you qualify.… Read the rest