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Tax rebates provide a quick reimbursement from the IRS, based on money you spend on qualifying purchases.
Through the EITC, some families not only avoid paying taxes, but the IRS returns money to them.
Now that feels like a substantial tax deduction.
Families receive up to $2,000 per qualifying child.
Families can take refunds from the IRS up to $1,700 per child.
In fact, some states offer their own additional child tax credits.
Child and Dependent Care Credit
Children are expensive, to put it mildly.
For that matter, aging parents and other dependents can also put a hurting on your household finances.
The credit also covers home health aids if you are taking care of an elderly parent or family member.
Adoption Tax Credit
Adopting a child this year?
Uncle Sam might reimburse you for some of the costs.
Of that, $1,000 is refundable for lower-income Americans who dont owe taxes.
The IRS does put an income cap on this credit, however.
Beyond the $7,500 in possible federal rebates, some states add their own benefits, noted Sarrel.
That helps offset the installation costs to keep it affordable for middle-class homeowners.
Check which exact home upgrades qualify at the governmentsEnergy Star website.
Historic Preservation Credit
Historic homes qualify for their own special home improvement tax credit.
Caitlyn Moorheadcontributed to the reporting for this article.
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