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The TurboTax Blog > Credits and Deductions

Credits and Deductions

Learn about the different types of tax credits and tax deductions that may help you maximize your tax refund.

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Tax Tips

How to Get a Tax Break for Summer Child Care

April 15, 2011 (Last Modified: June 12, 2019) / Ginita Wall, CPA, CFP®

Even though the tax day is still on it’s way, it is never too early to begin planning out your summer vacation! Easy if you are a kid, that is. Summer child care can get expensive. Fortunately, Uncle Sam is there to help, through flexible spending accounts and dependent care credits.

Full Story

Tax Tips

What is the Making Work Pay Credit?

March 23, 2011 (Last Modified: September 7, 2017) / TurboTaxBlogTeam

The Making Work Pay tax Credit was a fully refundable tax credit built into President Obama’s stimulus package for 2009 and 2010. The Making Work Pay Credit was actually “earned” by you in the form of lower tax withholding through your employer throughout last year.

Full Story

Tax Tips

When Work Pays Twice – Schedule M and the Making Work Pay Credit

March 9, 2011 (Last Modified: September 7, 2017)

Let’s walk through some common questions we’re seeing about Schedule M and the Making Work Pay Credit.

Full Story

Taxes 101

What is the Gift Tax?

March 1, 2011 (Last Modified: September 8, 2017)

Did you know that the government imposes a tax on large gifts? This may come as a surprise to some. After all, you’re simply giving money away, usually to family, only to find out the government wants to tax you for doing so. You’re probably thinking that isn’t fair, but the tax was created to close a bit of a loophole.

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Deductions and Credits

Taxes from the combat zone: should you file or not?

February 23, 2010 (Last Modified: August 19, 2016) / TurboTaxLee

If you or your spouse served in a combat zone in 2009, you might not be required to file a tax return. But you might want to do so anyway, to claim a valuable tax break that puts dollars in your pocket.

Full Story

Announcements

Meet Lauren Young, the TurboTax Deductionista

January 29, 2010 / TurboTaxBlogTeam

As TurboTax Deductionista, Lauren will offer consumers far and wide advice on getting financially-savvy right here on the TurboTax Blog.

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Deductions and Credits

Uncommon, Silly, and Just Plain Weird Tax Deductions

January 4, 2010 / Philip Taylor

Everyone is gearing up for tax season: collecting all their receipts and scrambling to come up with every single applicable tax deduction in an attempt to reduce taxes owed.

Full Story

Tax Tips

Get on This Gift List, if You Can

December 15, 2009 (Last Modified: September 8, 2017)

The end of the year is a season for gift giving. It also marks the deadline for an often misunderstood kind of yearly gift giving, endorsed by the IRS.

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TurboTax editor’s picks

  • Second stimulus check answers Where’s My Second Stimulus Check? January 11, 2021 / TurboTaxLisa
  • Understand what the second coronavirus relief bill means for the unemployed What Does the Second Coronavirus Relief Bill Mean for the Unemployed? December 30, 2020 / TurboTaxKat
  • Learn what a recovery rebate tax credit is What is a Recovery Rebate Tax Credit? December 29, 2020 / TurboTaxKat

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