Welcome to the November 22, 2011 edition of Tax Carnival Ecstasy. In this issue we have 19 great tax and finance related articles from some very good blogs. Emily Everet starts off the carnival with an explanation of How Your Company Benefits Are Taxed. SteveR has information on Home Energy Tax Credits that you can receive from the purchase of new appliances. We have an explanation of How To Claim Disability Living Allowance from Jay Speaks. And finally, Mark Roberts takes a look at the Standard Deduction for 2011. Hope you enjoy the articles, bookmark, share, tweet, like on Facebook

Washington’s most recent energy subsidy debates are focused on tax credits for industries involving natural gas and ethanol. The credit will expire at the end of this year, still the Senate voted to remove the subsidy. Thus the opposition to the $6 billion tax credit is increasing on a national level. Some Members of Congress have removed their names from the list of co-sponsors of the bill. In spite of this, bipartisan support is focused on extending the subsidies for the use of natural gas vehicles.

To see why none of these two industries deserve subsidies we can look at … Read the rest

Inheritance tax planning could be very helpful for your beneficiary to pay little tax on their inheritance. Often people overlook this important aspect and their beneficiaries have to pay excessive taxes. The beneficiary who is named in the legal will is liable to pay inheritance tax.
In simple words, inheritance tax is the tax on assets which you have received from the deceased ones. The tax rates involve a number of issues such as your relationship with the deceased, type of the assets and total value of the assets. As a beneficiary, you could claim several reductions on the tax … Read the rest

Much to everyone’s chagrin the 2010 tax season is almost upon us. If you are looking for 2010 income tax preparation that won’t cost a dime,you may qualify for a sponsored community based  IRS program.

These are a few facts you may want to know about the Volunteer Tax Assistance programs.

1. The Volunteer Tax Assistance and 2010 Tax Council program for senior citizens are sponsored by the IRS.

2. The Volunteer Tax Assistance service gives 2010 tax assistance free of charge for those who earned less than $49,000. Some locations have free filing services.

3. The Tax Counseling for … Read the rest

There are numerous ways in which you may recognize savings by way of green tax deductions. By making certain eco-friendly choices regarding your purchases or certain home modifications, you may be eligible for tax benefits while at the same time doing something good for the environment. Not only might the environment and your pocketbook be thanking you for your efforts, but you may be improving your home and lifestyle in the process. In many instances, you could be saving 30% of the cost of your purchases or up to a total tax credit of $1500, although certain purchases may … Read the rest

In Arizona, it is commonplace to be hit up by children selling wrapping paper, candy bars, and coupon books to help raise funds for equipment, trips, and other school programs. Another way for taxpayers to help children in the local schools, is available, though and would give a higher yield return on your state taxes than the purchase of a tub of cookie dough will.

A tax credit of up to $200 for individuals and $400 for a couple married and filing jointly for contributions of cash to a charter or public school exists as the Tax Credit program of … Read the rest

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

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

Must I File a Tax Return for 2009?

The short answer to this question, do I have to file a tax return, is yes if your income is above the level required for your filing status. But a couple additional pieces of information affect the answer including your age and the source of your income. IRS.gov is a great resource for the exact tax rules.

In addition to the requirement, it makes sense to file a return to get a refund on any taxes that you did pay during the year. There is the special tax credit, Making Work … Read the rest

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