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Latest revision as of 00:18, 3 September 2026
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Now, let's see if we can whittle that down transfer pricing some more. How about using some relevant tax credits? Since two of your kids are in college, let's imagine that one costs you $15 thousand in tuition. There is the tax credit called the Lifetime Learning Tax Credit -- worth up to two thousand dollars in situation. Also, your other child may qualify for something called Hope Tax Credit of $1,500. Talk tax professional for probably the most current tips about these two tax credit cards. But assuming you qualify, that will reduce your bottom line tax liability by $3500. Since you owed 3200 dollars, your tax is getting zero greenbacks.
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