Tax credits are like gift cards from the government that can help you reduce the amount of money you owe in taxes 🎁

Let’s say you owe $100 in taxes 💸

But, you make a $10 donation and you get $5 of tax credit💡

After applying $5 of tax credit to your original $100 of money owed, you now only owe $95! 🥳

The tax credit will apply to your taxes owed, regardless of income level or tax bracket 🤔

In fact, if you can rack up enough tax credits, you may not need to pay any tax at all!

One way to earn tax credits is to make green energy investments, such as energy-efficiency improvements to your home 🏠

In 2023, in California it was possible to earn up to $20k in tax credits just for buying a Tesla car!

Tax credits can also be available for certain donations made to charitable organizations 💸

In the case of donations, the amount of credit you get is usually a percentage of the donation amount 🤝

Tax credits may also be available for certain types of personal expenses, such as medical bills or educational expenses 🏫

Now you know that tax credits can help you save money on your taxes and can also be an incentive to make certain types of investments or donations! 🤗