Tax credits are an important way to offset a taxpayer's total tax liability dollar for dollar. Within the Internal Revenue Code (IRC), many tax credits are included to help reduce taxpayers' taxes and to provide incentives for taxpayers to help the economy.

• Briefly explain the credit of The Lifetime Learning Credit (for higher education expenses) that was used, and how it helped to reduce your income tax liability.

Answer rating: 100% (QA)

The Lifetime Learning Credit is a tax credit available to taxpayers who are enrolled in eligible ed... View the full answer