Personal Finance & Money Asked on September 4, 2021
Inspired by my question and JTP’s answer here, there are some cases where a person’s tax credits are much more than their tax liability. That person might even pay a "negative tax" and get a refund with these credits, but a lot of them are not refundable or only partially refundable.
For example, if my tax liability is already $0 and then I have another child, I qualify for another $2,000 tax credit. However, only $1,400 of that is refundable (i.e., payable back to me). In this case it would be better to increase my tax liability to take advantage of the extra $600 of tax-free money I would otherwise miss out on.
Here are some ways I can take advantage of this:
Are there any other ways I have not thought of?
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