2024 Tax Credits Return. Employer/ payer uses the td1 personal tax credit return to determine the amount of income taxes to be deducted from employment income or other income. The income tax return calculator estimates your refund or taxes owed based on income, deductions, and credits.
Tax credits are offered on both the federal and state levels to incentivize certain actions, such as purchasing an electric vehicle or to offset the cost of certain expenses (e.g.,. This article delves into the intricacies.