I don't know excatly how to explain it but it is called a tax write off. And they have them for different things. Like giving money to charity or even old furniture. You just basically get credited back for it. I don't know the amount because the tax guy normally figures it all out. I have never done it before. I do give zakat but I don't ask for a refund for it. I don't even know if you can because I think it needs to be a certain % of your income. I just know that this is basically used by really rich people. And it is kind of a messed up system, taxes in general. We are taxed way too much! That is why they give us breaks like this and the rich people are the ones who get to take the most advantage of it. We just basically get the child tax credit, $1000 refund for each child you have. I hope this helps you out. I am in no way an expert on the subject, just basically know what my husband is always complaining about being from another country and "This is not fair! That's a lot of money!" Blah blah blah! LOL! :)
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Hi,
I don't know excatly how to explain it but it is called a tax write off. And they have them for different things. Like giving money to charity or even old furniture. You just basically get credited back for it. I don't know the amount because the tax guy normally figures it all out. I have never done it before. I do give zakat but I don't ask for a refund for it. I don't even know if you can because I think it needs to be a certain % of your income. I just know that this is basically used by really rich people. And it is kind of a messed up system, taxes in general. We are taxed way too much! That is why they give us breaks like this and the rich people are the ones who get to take the most advantage of it. We just basically get the child tax credit, $1000 refund for each child you have. I hope this helps you out. I am in no way an expert on the subject, just basically know what my husband is always complaining about being from another country and "This is not fair! That's a lot of money!" Blah blah blah! LOL! :)