A tax credit will be available for all taxpayers who pay income tax at a rate below 6.9%.
The higher the rate, the lower the rate of the credit.
The higher your rate, however, the higher the penalty and the higher your tax bill.
There are four types of tax credits, and you must be earning above a certain income level to claim a tax credit.
There is no threshold or cap on how much you can claim.
You can claim a maximum of €7,000, for example.
A few different types of credits are available, and depending on your circumstances you may not qualify for any of them.
If you’re unsure of which tax credit you’re entitled to, check with your tax professional.
If your income is below the maximum tax credit, you may be eligible for a tax-free threshold for the tax year.
You may also be able to claim tax-saving tax credits or the child tax credit for certain children.
If it’s your first tax year and you’re not sure what you can or cannot claim, you can contact your tax office to find out.
Find out more.
What is a tax deduction?
Tax deductions are available to all taxpayers.
Tax deductions include things like: child tax credits