What types of tax credits are available for families?

There are various tax credits available for families to assist with their financial obligations. The most common type is the Child Tax Credit, which provides a tax reduction for each qualifying child below the age of 17. Additionally, there is the Earned Income Tax Credit (EITC), designed to benefit low to moderate-income families. This credit varies based on income and family size and can result in substantial tax refunds. Another credit is the Child and Dependent Care Credit, enabling families to claim a percentage of their childcare expenses. The Adoption Tax Credit supports families who have adopted a child, reimbursing certain adoption costs. Finally, the American Opportunity Credit and Lifetime Learning Credit can be claimed for educational expenses. It is recommended to consult a tax professional to determine eligibility and ensure proper filing for these credits.