There are dozens of Federal tax credits available to individuals and businesses in the Internal Revenue Code. Many taxpayers are aware of the more familiar ones, such as the child care credit and the foreign tax credit. In addition to the common credits, there are some popular credits that you, or someone you know, may be able to utilize. Here are a few that may provide you some tax savings.

There are two credits for higher education--The American Opportunity credit and the lifetime learning credit. These two credits are available to college or graduate degree seekers or for vocational training. The American Opportunity credit can provide up to $2,500 per eligible student per year. The lifetime learning credit is equal to 20 percent of the first $10,000 of qualified tuition expenses paid.

Eligible low income taxpayers can receive a Retirement Savings Contribution Credit for elective deferrals to retirement plans or to Individual Retirement Accounts. The maximum credit is $1,000, and is available to taxpayers over age 18 not claimed as a dependent by another taxpayer, and not a full time student.

The Internal Revenue Code allows for a tax credit for qualified adoption expenses for each eligible child. The maximum amount of the credit is $13,190 for 2014. Taxpayers with a modified adjusted gross income under $237,880 may be eligible for the credit, which includes expenses paid for reasonable and necessary adoption fees, court costs, and attorney fees incurred for the legal adoption.

The Earned Income Credit (EIC) is available to low income individuals who are U. S. citizens or resident aliens, have a valid Social Security Number and have earned income below a certain level, no foreign income, and a minimum amount of investment income. The amount of the EIC depends on the number of the qualifying children of the taxpayer and the amount of income.

Health Insurance Premium Assistance Refundable Credits are available in 2014 for certain taxpayers who purchase health insurance through an American Health Benefit Exchange. These taxpayers must have a household income of at least 100 percent but not more than 400 percent of the federal poverty line for a family of that size, must file a joint return if married, and cannot be a dependent on another taxpayer's return.

Small Employer Health Insurance Credits of up to 35 percent of the premium amounts are available to companies that pay at least one-half of the cost of employee health insurance premiums. These employers must have 25 or less full time employees whose average wages are not in excess of an annually changing amount ($25,400 for 2014) and who has a qualified health care plan in effect.

The Internal Revenue Code provides for a residential energy efficient property credit installed in a residence used by the taxpayer in the U. S. Amounts spent for solar electricity equipment, eligible solar water heaters, qualified geothermal heat pumps are some of the items available for the credit, which can be as much as 30 percent of the cost of the eligible property.

During 2014, taxpayers may be eligible for an alternative motor vehicle credit for a purchase of a vehicle propelled by power derived from one or more cells that combine oxygen and hydrogen into electricity. Passenger vehicles and light trucks must meet specific environment emission standards to be eligible for the credit.

Owners of pre-1936 built buildings and certified historic structures are eligible for the Rehabilitation Credit. The credit amount can be 20 percent of the cost of the historic structure expenses and 10 percent of the pre-1936 built buildings.

There is an Energy Credit for business of up to 30 percent of the cost of qualified fuel cell property, cost of equipment that uses solar power to generate electricity to cool, and qualified small wind energy property. To be eligible for the credit, the property must be depreciable and must meet or exceed special standards established by government regulations. It is only available to the first user of the property, whether it is constructed, erected or acquired by the taxpayer.

The Work Opportunity Credit is available for employers who pay wages to new hires from hard to employ work pools. The credit can be up to40 percent of the first $6,000 of wages in the first year of employment. The credit can be taken for wages paid in the first year of employment for individuals who begin work before January 1, 2014. Targeted groups include, but are not limited to, designated community residents living in an empowerment zone, vocational rehabilitation referrals, qualified summer youth employees and qualified food stamp recipients.

Others include research and development credits for new product type development, The Orphan Drug Credit for develop drugs to treat rare diseases or rare conditions, The Small Employer Pension Plan Start Up Cost Credits allowing for a credit of up to $500 in any year in which a new plan is effective, and The Employer-Provided Child Care Credit for qualified expenses to a child care center or related service.

There are numerous other credits available to taxpayers under the Federal rules, and State credits that are also available. Talk to your tax advisor to determine if you are eligible to reduce your tax burden with one of these, or any other type of credit that may be available to you or our business.

Gerard J. Kassouf, CPA is a director of the Birmingham, Alabama firm of L. Paul Kassouf & Co., P. C., Certified Public Accountants and Business Advisors. He can be reached at gkassouf@kassouf.com.