What are Tax Credits? CPA Explains How Tax Credits Work (With Examples)

do I get the earned income tax credit or that is only to pay for health insurance bought from marketplace?

👏🏾 good teacher

Thanks for explaining... so I understand the concept of both a tax credit and a reduction... my question is can both be used and if so whats the order in which they are actioned. Say for example your employer pays your taxes and fall short by 1k so taxed owed is 1k... and you have both qualifying deductions and credits of 10k each does the govt first remove the deductions with might now put you in the positive ( to get a refund) rendering you unable to use the credits again since you technically dont owe taxes that the credit can be deducted from or is the credit first used to cancel out the 1k and then further the deductions.. thank you

How about discussing foreign tax credits. I have investments where i pay taxes to Israel and Canada.

You look like chris Tucker 😂

I’ve had a mistake on a answer on my wotc tax credit questionnaire how can I fix it I also didn’t put my apartment number

very good explanation, thank you for answering my question today :/

You just got a new subscriber. Thanks for explaining things clearly.

Very well taught and explained

What if it’s a 7500 credit but you only owe 3500 for a given year? What happens to the remaining non-refundable credit, does it carry over to the next year?? :-)

I like your videos! Very well done!

USED EV Tax Credit

What if you have taxes credits and zero loss or zero income how do one receive a refund ?

What if you don't owe any taxes, and receive a $8000 federal tax credit? Would I receive a refund of $8000? I'm confused.

If an investor gives 200k towards a film for example and gets a tax credit of 30%, what does that mean?

I only made 2800 last year but i had 1832 in credits i was like what

Great video. Thank you

What if your tax credit is higher than what is due?

Thanks for the info,

As always, thank you for your contributions.

Great day, LYFE Accounting family! No dad joke today? Lol