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What are credits and how do I add them?

What are credits and how do I add them?

Credits are incentives offered by the government that directly reduce your tax bill. These are different from adjustments, which impact your Adjusted Gross Income (AGI) and lower your taxable income.

Credits are subject to change each tax year and can be nonrefundable, refundable, or partially refundable—all of which impact your owed tax amount. Be sure to consult a tax professional on which credits apply for your situation. Some common tax credits include:

  • Child tax credit, which reduces your tax bill per child.

  • Child and dependent care credit, covering a portion of child care and similar costs.

  • Earned income credit, a credit for low- and moderate-income workers.

  • Electric vehicle tax credit, a credit from purchasing qualifying plug-in electric vehicles

If you’re a sole proprietor, add your estimated credits in Found by following these steps:

  1. Navigate to the Business tab in your Found account.

  2. Tap the Tax profile option.

  3. Tap Credits to enter the amount you will enter on your tax return.

  4. Tap Save to save your changes.

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*Found is a financial technology company, not a bank. Banking services are provided by Piermont Bank, Member FDIC. The funds in your account are FDIC-insured up to $250,000 per depositor for each account ownership category.

The Found Mastercard Business debit card is issued by Piermont Bank pursuant to a license from Mastercard Inc.

The information on this website is not intended to provide, and should not be relied on, for tax advice.

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