'Wake Up' your wallet: Credits that could save money during tax - Cleveland 19 News Cleveland, OH

'Wake Up' your wallet: Credits that could save money during tax time

(Source: WOIO) (Source: WOIO)
CLEVELAND, OH (WOIO) -

It's tax time, and no one likes having to pay the government!

There are several tax credits and deductions you should closely monitor that could help you save money.

  • Earned Income Tax Credit - The tax credit benefits families and individuals with low to moderate income. The credit reduces the amount of tax you owe, which may result in a refund.
  • Child Tax CreditThe credit is worth $1,000 per child, but there are restrictions. The child has to be 16 or younger at the end of the tax year and claimed as a dependent. Beginning next year, the credit doubles to $2,000 per child.
  • State and Local Tax DeductionsItemizing deductions on your return, such as property taxes and some income or sales taxes, can get you anywhere between $1,200 and $5,000 in tax savings. 

Tax filing deadline this year falls on April 17. 

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