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Liquidating distributions, sometimes called liquidating dividends, are distributions you receive during a partial or complete liquidation of a corporation.
These distributions are, at least in part, one form of a return of capital.
They may be paid in one or more installments.
You will receive Form 1099-DIV from the corporation showing you the amount of the liquidating distribution in box 8 or 9
When a liquidating dividend occurs, it is considered to be a return of capital and not profit.
If the distribution is more than your basis, you would have to report the difference as a capital gain. If the distribution is less than your basis, you may be able to claim a capital loss.

The foreign tax credit is intended to reduce the double tax burden that would otherwise arise when foreign source income is taxed by both the United States and the foreign country from which the income is derived.
Generally, only income taxes paid or accrued to a foreign country or a U.S. possession, or taxes paid or accrued to a foreign country or U.S. possession in lieu of an income tax, will qualify for the foreign tax credit.
You can choose to take the amount of any qualified foreign income taxes paid or accrued during the year as a foreign tax credit or as an itemized deduction.
To choose the deduction, you must itemize deductions on Form 1040, Schedule A. To choose the foreign tax credit you generally must complete Form 1116 and attach it to your Form 1040

An individual may be able to take a tax credit of up to $1,000 ($2,000 if filing jointly) for making eligible contributions to an IRA or employer-sponsored retirement plan.
The amount of the credit you can get is based on the contributions you make and your credit rate. Your credit rate can be as low as 10% or as high as 50%.
Your credit rate depends on your income and your filing status.

Taxpayers who make under the $110,000 / year are currently still allowed to claim $1,000 per child as their Child Tax Credit. Families making between $110,000 and $130,000 receive a reduced credit (specifically $50 per $1,000 made over $110,000).

In 2013, A taxpayer is allowed a 10-percent nonbusiness energy property credit for the purchase of qualified energy efficiency improvements to existing homes
There is a limitation of $500 on the total amount of nonbusiness energy property credit that may be claimed. This limitation is a lifetime limitation, not an annual limitation.
This credit was to expire with respect to any property placed in service after December 31, 2011. ATRA, Sec. 401, extends the availability of the credit to property placed in service before January 1, 2014.
In 2013 are 30% tax credits on large energy installation projects that are geared towards environmental aware taxpayers. They include geothermal heat pumps (no upper limit, both principal residences & second homes apply). Solar energy systems (no upper limit, both principal residences & second homes apply). Small wind turbines (no upper limit, both principal residences & second homes apply). Fuel cells (up to $500 per .5 kW of power capacity and for Principal residences only).

In 2013, A taxpayer is allowed a 10-percent nonbusiness energy property credit for the purchase of qualified energy efficiency improvements to existing homes
There is a limitation of $500 on the total amount of nonbusiness energy property credit that may be claimed. This limitation is a lifetime limitation, not an annual limitation.
This credit was to expire with respect to any property placed in service after December 31, 2011. ATRA, Sec. 401, extends the availability of the credit to property placed in service before January 1, 2014.
In 2013 are 30% tax credits on large energy installation projects that are geared towards environmental aware taxpayers. They include geothermal heat pumps (no upper limit, both principal residences & second homes apply). Solar energy systems (no upper limit, both principal residences & second homes apply). Small wind turbines (no upper limit, both principal residences & second homes apply). Fuel cells (up to $500 per .5 kW of power capacity and for Principal residences only).

If you pay someone to watch your child(ren)under age 13 to enable you (and your spouse if you are filing a joint tax return)to work, then you will be able to claim a Child Care Credit for the costs you pay subject to certain limitations on Form 2441.
You will have to supply to the IRS on Form 2441 the care provider's name, address and social security or EIN number.

A tax credit reduces the amount of tax for which you are liable. Unlike a deduction, which reduces the amount of income subject to tax, a tax credit directly reduces your tax liability, dollar for dollar.
A tax credit is usually more valuable than a tax deduction of the same dollar amount. There are two categories of tax credits, refundable and nonrefundable.
A nonrefundable credit can reduce your tax liability to zero (0), but not below.
A refundable tax credit is a tax credit that can reduce your tax liability below zero and the amount in excess of the liability is refunded to you.

Nonrefundable tax credits include:
Child and Dependent Care Credit
Education credits (American Opportunity Credit is also partially refundable)
Residential Energy Credits
Credit for the Elderly or Disabled
Child Tax Credit
Foreign Income Tax Credit
Retirement Savings Contribution Credit

Refundable tax credits include:
Earned Income Credit
Excess Social Security Credit
Additional Child Tax Credit
American Opportunity Credit - partially refundable
Adoption Credit First-time Homebuyer Credit
Health Coverage Tax Credit