Another tax credit that may benefit you is the “Earned Income Tax Credit,” which is for working people and their families. The amount that the government gives to you depends on your income and the number of children you have. To qualify, you must have earned income (not counting public assistance), though you cannot earn over a certain amount. Furthermore, you cannot file as “married filing separately.”
There are also many kind of tax exemptions that you may be able to claim – the more you can claim, the less you pay in taxes. For example, the “dependent exemption” allows you to claim an exemption for each dependent in your household (as defined in last week’s post regarding a “qualifying child”).
For more information on tax exemptions, you can visit the IRS website at https://www.irs.gov/publications/p501/ar02.html#en_US_2015_publink1000220844.