Common Credits

Tax credits reduce tax owed dollar for dollar, but eligibility and amounts change by tax year, income, filing status, residency, and family situation. Common credits to check include the Earned Income Tax Credit, Saver's Credit, Child Tax Credit, American Opportunity Credit, and Lifetime Learning Credit. Do not rely on static dollar amounts in a lesson. Use current IRS guidance, reputable tax software, or a qualified tax preparer to confirm what applies.