5 Federal Programs That Could Save You Some Money
There are a wide range of federal programs that are available that many people can utilize to save money every year. Whether it comes to saving money on education, health care, home maintenance, buying a new home or even your mortgage; there are so many federal programs that everyday people can tap into to literally save thousands of dollars a year. Here is a quick overview of some of these programs.
Health Coverage Tax Credit
The Health Coverage Tax Credit (HCTC) is a federal program that will help pay 72.5% of your health care premiums, making health insurance more affordable for you and your family. In order to receive this tax benefit, individuals must be receiving trade adjustment assistance, pension payments from the Pension Benefit Guaranty Corporation, or a spouse receives these benefits. You must not be currently enrolled in Medicare, Medicaid nor receive healthcare benefits as a federal employee or member of the US military.
Residential Renewable Energy Tax Credit
If you are thinking about installing a solar power, wind, geothermal or any other renewable energy source within your home, you will qualify for a tax deduction that covers 30% of how much you spent on these items. In order to qualify, systems must have been placed within your home after January 1, 2006.
Home Mortgage Interest Deduction
This perhaps one of the most popular federal tax programs to date. Individuals are allowed to write off a portion of their home mortgage interest payments. Taxpayers can deduct their mortgage interest on a home that costs under $1 million and up to $100,000 in home equity loans. Interest can be very overwhelming for many people. If you are a veteran of the US military, you should definitely look into exploring different low-interest loan options on LowVArates.com.
American Opportunity Credit
This popular tax credit, formerly known as the Hope credit, will help you pay for college-related expenses by allowing you to claim college tuition costs for you or your child as well as enrollment fees. Individuals can receive up to $2,500 back from the government.
Earned Income Tax Credit
This is one of the most popular tax credits that millions of people take advantage of year after year. The Earned Income Tax Credit (EITC) allows individuals low to middle income households to receive a portion of federal income taxes back plus much more. This is especially beneficial for households that have children. Individuals can receive up to $5,000 back from the government if they qualify for this program.
Category: Saving Money
