Tax Credit

WOTC encourages businesses to hire individuals from specific target groups. These groups include ex-felons, veterans, and those receiving government assistance. The credit amount is determined by the wages paid to qualifying employees during their initial year of employment.

ITC is accessible to businesses investing in specific types of property, like renewable energy systems, advanced energy property, or the renovation of historic buildings. The credit is calculated based on a percentage of the eligible investment costs. 

LIHTC promotes the construction of affordable housing for low-income individuals and families. Developers of qualified low-income housing projects receive a credit based on the number of eligible residential rental units.

NMTC encourages investment in economically disadvantaged communities by providing credit to investors in qualified community development entities. The credit amount is based on a percentage of the qualified investment made in the CDE.

This credit allows eligible employers offering childcare facilities or services for their staff to claim a credit for a portion of the qualified childcare expenses incurred. It is designed to offset 25% of the qualified childcare facility expenses and 10% of resource expenses.

DAC is offered to small businesses that spend on making their facilities accessible to individuals with disabilities. It covers expenses related to architectural modifications, equipment purchases, and other accommodations. Maximum Credit available is $5000.

AMVC is accessible to businesses purchasing certain types of alternative fuel vehicles, including electric and plug-in hybrid vehicles. The credit amount varies based on factors such as the vehicle’s battery capacity.

WOTC encourages businesses to hire individuals from specific target groups. These groups include ex-felons, veterans, and those receiving government assistance. The credit amount is determined by the wages paid to qualifying employees during their initial year of employment.

AOTC helps taxpayers cover education expenses for the first four years of college. This tax credit is designed to offset your education expenses, like tuition fees and course materials.

LLC is another option for education expenses. However, it can be used throughout your lifetime, not just the first four years of college. It covers up to 20% of the first $10,000 of qualified education expenses with a maximum of $2000.

The motive behind this tax credit is to encourage saving for retirement. It gives a tax break for contributions to IRAs and similar plans. The benefit of this credit depends on the type of the taxpayer.

PTC helps low- and moderate-income individuals and families afford health insurance purchased through the Marketplace. The amount this credit will cover for you is dependant on the income of your family.

REEPC incentivizes making energy-efficient improvements to your home. This is a double-edged sword that helps both you and the government in conserving energy.

The IRS allows you to a specific amount of tax credit in case you have adopted a child. This credit is aimed at promoting child adoption by offsetting the expenses borne by you while adopting the child.

HCTC is available to eligible individuals who are displaced workers, retirees, or family members of eligible individuals. It helps to assist in covering health insurance costs. It is designed to lessen your out-of-pocket payments for your monthly premiums.