As per Internal Revenue Code , one can claim educational credit called American Opportunity Tax Credit or AOTC . This educational credit is allowed to a taxpayer for incurring qualified education expenses paid for an eligible student.
Child and Dependent Care Credit are part of tax credits which you can utilize to reduce the tax payable for a tax year. As you must be aware that while tax deductions and tax exemptions reduces your taxable income , the tax credit directly…
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