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Non-refundable Tax Credits
- February 23, 2022
- Posted by: CKH Marketing
- Category: Tax tips
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Non-refundable Tax Credits are basically tax credits that can only reduce a taxpayer’s liability. Any remaining amount from the credit is automatically forfeited by the taxpayer. These credits are also referred to as a “wasteable” tax credit, unlike refundable tax credits.
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Understanding Refundable Tax Credits
- February 15, 2022
- Posted by: CKH Marketing
- Category: Tax tips
A refundable tax credit can be applied to your tax bill and in some cases can generate a negative federal tax liability, meaning that your refundable tax credit can create a federal tax refund. For example, if you owed $1,000 in taxes and qualify for a $1,200 refundable credit, you would receive a $200 refund.
