Elderly and disabled tax credit

The tax credit for the elderly and the disabled might allow you to deduct money from the entire amount that you owe to the IRS. Beware, as it is slightly different from deductions, which are known to come from the whole taxable income.

This credit might get you a tax refund in exchange, especially if the deducted amount exceeds the entire amount you have to pay to the IRS. If you want to be eligible for this type of loan, you have to meet two requirements: be over 65 and permanently disabled. Also, the income you get shouldn’t exceed certain levels, which change every other year. Also, make sure you closely work with your accountant if you believe you are eligible for such deductions.