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 Credit - The 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 Deductions - Itemizing 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.