Archive for the 'Tax Deductions & Credits' Category

Energy Efficiency Tax Credits

Energy efficiency tax credits are for homeowners to improve their house with energy efficient appliances, windows, and other energy saving upgrades. Most of the improvements must be placed in service January 1, 2009 through December 31, 2010. Here is a summary of the energy efficient upgrades and the tax credit available. For specifications of each, [...]

First Time Home Buyer Tax Credit

If you purchased a new home in 2008 or plan to do so in 2009, you’ll want to know about the first time home buyer tax credits available. 2008 Home Purchases Buyers can get a $7,500 First Time Home Buyer Tax Credit. The credit is 10% of the purchase price of your home, capped at [...]

Midwestern Disaster Area Tax Impacts

If you live in the Midwestern Disaster areas and were affected by the storms of 2008, there are various tax law changes for you to consider when filing your taxes this year. The Midwestern Disaster areas include Arkansas, Illinois, Indiana, Iowa, Missouri, Nebraska, and Wisconsin. Specific counties are listed in Publication 4492-B. Tax Changes Here [...]

Earned Income Tax Credit

The earned income tax credit (EITC) is intended to help low to moderate income individuals and families and provide an incentive to work. The earned income tax credit is refundable, which means that even if the credit is more than the tax owed, you can still get a refund. Earned Income Tax Credit Requirements The [...]

Saver’s Credit for Retirement Contributions

Update: For current year information, see Retirement Saver’s Tax Credit. The Saver’s Credit (which used to be called the Retirement Savings Contributions Credit), is a tax credit up to $1,000 ($2,000 if filing jointly). The credit is for contributions to 401ks, IRAs, and other retirement plans. Who can claim the Saver’s Credit: Individuals (and married [...]

TurboTax - Do your Taxes for Free - It's Easy