tax credits

How to Get the IRS to "Pitch in" Money to Your IRA

It doesn’t take a genius to know that the IRS has stacked the tax code with incentives for savers. Perhaps the biggest saver benefit being the tax-deductibility of retirement plan contributions, and allowing your retirement gains to be tax-deferred.

But there’s another little-known way the IRS is willing to pitch in. It’s called the Saver’s Credit. For those who qualify, this credit can result in a 10%, 20%, or even a 50% tax credit for your retirement plan contribution in 2018!

Got Kids? You Need to Know About These Income Tax Credits

Having children brings a whole host of concerns, especially for first-timers--like me. Is my child receiving enough emotional support? How do I know she’s eating enough? Is it okay for her to cry herself to sleep? What type of diapers should I use?

In addition, financial concerns quickly become a reality as well. The cost of another mouth to feed, future college expenses. Fortunately, our tax system is set up in such a way that incentivizes socially beneficial activities--like having kids.

To the taxpayer, this means something extra special--TAX CREDITS--which are very different and typically more financially advantageous than tax deductions.