Generally speaking, tax credit extensions are not common. If you are due a tax credit, make sure you take advantage during the year that you qualify. Along with this, the government is not required to extend any tax credit program. Of course, this does happen from time to time. If you are interested in a [...]
Tax Credits
Some tax credits do not fall into any broad category. These are miscellaneous tax credits, and knowing about them could be a big advantage at tax time. For instance, the Foreign Tax Credit allows you to deduct taxes paid to a foreign country. There is no requirement that you work in, live in or have [...]
If you are a person aged 65 or older, or you are disabled, you may be able to claim the Elderly and Disabled Tax Credit on your federal income tax return. To qualify as disabled, you must be retired, be permanently and totally disabled, and you must be receiving disability benefits. Qualified Individuals You are [...]
Are you planning to put a new roof on your house? Install new doors and windows? Repair an old, leaky water pipe? If these maintenance changes result in a more energy-efficient home, you may be able to write them off your taxes using the home energy tax credits offered by the IRS. These tax credits, [...]
First-time home buyers, repeat home buyers, and real estate investors are taking advantage of the dip in housing prices to purchase real estate at incredible values. The federal housing tax credit of $8,000 for first-time home buyers and $6,500 for repeat buyers has expired for most people. However, buyers who have secured a binding sales [...]
Companies that hire new employees may be eligible for two new tax incentives ― both of which came into play under the HIRE Act that was signed into law in March of 2010. To start, when a company hires a new employee they will not have to pay his or her Social Security Tax from [...]
If you run a small business or are self-employed, your tax liability may be higher than if you receive your checks from an employer’s payroll. However, there are many tax credits available from the IRS to offset this, which apply to large companies as well as small businesses. Most of these tax credits will fall [...]
With the cost of tuition on the rise, along with other expenses, such as books and supplies, attending college is more costly than ever before. Fortunately, the government is doing what they can to ease the burden for students who need financial assistance. There are many tax credits that you should be aware of if [...]
Education tax credits and deductions can help individuals pursue their goals of obtaining higher education or improving their employment options. If you are struggling to pay college tuition-related bills for yourself (or a dependent) there are several incentives that may be able to help you ease that burden. Under the American Recovery and Reinvestment Act [...]
If you have children, you may be eligible for the Child Tax Credit which is a credit worth up to $1,000 for each qualifying child. This credit can help reduce or eliminate your overall tax bill and provide some financial relief for parents raising children. The following rules apply in determining whether a child qualifies [...]
