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1 Apr 2011 By Bibey

How To Find Every Tax Credit Available

2 Feb

How tax software can help you find tax credits and deductions.

Your tax software application can do more than help you electronically file a return. If you take advantage of every feature you may find that you qualify for several deductions and tax credits. For example, the Earned Income Tax Credit is one of the most popular (there are more tax credits available). Unfortunately, thousands of people miss out on this credit every year because they don’t use tax software or neglect to let it do the work for them.

It is true that the main goal of tax software is to help you prepare and file a return. But along the way, your program is also designed to help you save as much money as possible by taking advantage of deductions and tax credits.

TurboTax software, for example, searches a database of more than 350 credits and deductions. You may find that you qualify for the Earned Income Tax Credits among many others. In turn, you will owe less money in taxes which could lead to a bigger refund. Who doesn’t want that?

Simply put, if you file your own return using paper forms you are increasing your chance of missing out on credits and deductions. Along with this, you may find yourself making mistakes.

To take advantage of every tax credit that you are eligible for, use tax software to accurately and electronically file your return.