A tax credit is a dollar-for-dollar reduction of taxes owed. Some tax credits are refundable meaning if you are eligible and claim one, you can get the rest of it in the form of a tax refund even after your tax liability has been reduced to zero.
Here are four refundable tax credits you should consider to increase your refund on your 2011 federal income tax return:
There are many other tax credits that may be available to you depending on your facts and circumstances. Since many qualifications and limitations apply to various tax credits, you should carefully check your tax form instructions, the listed publications and additional information available at www.irs.gov. IRS forms and publications are available on the IRS website at www.irs.gov and by calling 800-TAX-FORM (800-829-3676).
December 10 (Employees who work for tips)
If you received $20 or more in tips during November, report them to your employer - Details
December 15 (Corporations)
Deposit the fourth installment of estimated income tax for 2014 - Details
December 25 (Everyone)
Federal Holiday (Christmas Day) - Details