February 3, 2010 – 1:26 pm
Earned Income Credit Missed by Many
One of the best tax credits available today is the Earned Income Credit but many individuals don’t claim it even when they qualify. These individuals may not have qualified last year but their financial, marital, or dependent situation may have changed making them now qualified.
The tax credit maximum is $5,657 this year and depends on your income and how many dependent children you have in your household. Plus the credit is refundable, which means you can get a refund above the tax your into the treasury during the tax year. Make sure not … Read the rest
By Steve
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Posted in tax credit, tax filing, tax forms, tax tips
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Also tagged dependents, earned income credit, Earned Income Tax Credit, eitc, household, Income, Income tax, internal revenue service, irs gov, Tax, tax credit, Taxation, United States, valid social security number
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February 1, 2010 – 5:41 pm
The Government Retiree Tax Credit
If you are a government retiree and received a pension during 2009, you could be eligible to the Government Retiree Tax Credit. An extra $250 in tax credits is available to federal, state and local government retirees. This credit was created with the ARRA bill passed early in the current presidential administration’s tenure.
If you have a pension or annuity outside of the social security system, this credit is available to you. This credit and the Making Work Pay credit cannot both be claimed. Therefore your Making Work Pay credit is reduced if you worked … Read the rest
By Steve
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Posted in tax credit, tax filing, tax forms, tax tips
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Also tagged Accounting, arra, Business, Government, government retirees, making work pay, pension, schedule M, social security system, Tax, tax credit, Taxation, The Government Retiree Tax Credit, turbotax, United States
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January 22, 2010 – 1:37 pm
The Making Work Pay Tax Credit
Created by the ARRA federal bill with an aim at leading to an economic recovery in the US, the Making Work Pat tax credit is something you should be familiar with when completing your tax return for 2009, according to the IRS. The first thing you will notice is a $400 refundable tax credit for single tax filers and an $800 tax credit for married couples. If your employer has taken the credit out of your withholding already, you will not be eligible for an additional credit.
Use Schedule M if you feel … Read the rest
By Steve
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Posted in tax credit, tax tips
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Also tagged 1040ez, additional credit, making work pay, making work pay tax credit, refundable tax credit, schedule M, Tax, tax credit, tax filers, US
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January 18, 2010 – 4:50 pm
Extended and Expanded: The First Time Homeowners Tax Credit
If you were looking to purchase a home last year before the First Time Home Owners Tax Credit ran out in November and did not find the home you wanted to purchase, you are in luck. The tax credit has been extended to the end April 2010. And this time you do not need to close on a home before the deadline, you just need to have a house in contract. You can close anytime prior to July 1st and qualify for the non-repayment credit. First time homebuyers are anyone that … Read the rest
By Steve
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Posted in tax credit, tax filing, tax tips
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Also tagged 2010, april 30, first home buyers, first time homebuyers, first time homeowners, home, long time home owners, phase out, tax credit
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