As a low-income taxpayer, you can take advantage of certain tax credits and deductions that can give you a significant break on your taxes.
- There are tax breaks specifically for low-income filers, including credits and deductions for having children or making retirement contributions.
- You can get a Retirement Savings Contribution Credit if you're a low-income taxpayer contributing to retirement plans, with the credit ranging from 10% to 50% of the first $2,000 you contribute.
- The Earned Income Credit (EIC) is a refundable credit allowing you to receive a refund even if the credit exceeds your tax owed.
Here is a link for further details: Tax tips for low income filers
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