A taxpayer may be able to take a tax credit of up to $1,000 (up to $2,000 if filing jointly) if he or she makes eligible contributions to an employer sponsored retirement plan or an IRA. This credit is a nonrefundable tax credit. A nonrefundable credit means that the credit cannot exceed the amount of the tax liability. This credit has also been known in the past as the saver’s credit. This credit is in addition to any IRA contribution or contributions made to a qualified plan made by the taxpayer.
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February 27, 2010 by Sandor Lenner · Leave a Comment
Filed under: taxes
Social Tagging: alternative energy equipment • construction • heaters • income taxes • recovery money • reduce taxes • solar heaters • solar panels • stimulus • tax credits • taxes
Filed under: taxes
Social Tagging: alternative energy equipment • construction • heaters • income taxes • recovery money • reduce taxes • solar heaters • solar panels • stimulus • tax credits • taxes
This nonrefundable energy tax credit may help you pay for qualified residential alternative energy equipment, such as geothermal heat pumps, solar hot water heaters, and wind turbines. The credit was expanded by The American Recovery and Reinvestment Act in early 2009. A few of the previously imposed maximum amounts were eliminated and it now provides for a credit equal to 30% of the cost of qualified property. The credit is usually equal to 30% of the cost of the equipment and may include the cost of the labor used to install it. For 2009, there is generally no cap on this credit and it’s available for equipment placed into service through 2016. Regrettably, it’s a nonrefundable credit, which is an important, because in this case, your credit is limited to your tax liability.
February 20, 2010 by Sandor Lenner · Leave a Comment
Filed under: taxes
Social Tagging: Business • finance • home buyer credit • home purchase • mobile home • new home • save taxes • small business • stimulus act • tax credit • taxes
Filed under: taxes
Social Tagging: Business • finance • home buyer credit • home purchase • mobile home • new home • save taxes • small business • stimulus act • tax credit • taxes
On November 6, 2009, a new law that pertains to tax credits, went into effect that extends the date for five months by which a taxpayer is required to buy, or enter into a binding contract to purchase a principal residence and also expands the eligibility requirements for purchasers of new residences who are interested in utilizing a tax credit.
February 10, 2010 by Sandor Lenner · Leave a Comment
Filed under: taxes
Social Tagging: child • children • family • finance • home based • money • savings • small business • tax credit • tax refund • taxes
Filed under: taxes
Social Tagging: child • children • family • finance • home based • money • savings • small business • tax credit • tax refund • taxes
If you who have dependent children that are younger than 17 by the end of the tax year then you may be eligible for a $1,000 Child Tax Credit for each child.
February 9, 2010 by Sandor Lenner · Leave a Comment
Filed under: taxes
Social Tagging: baby boomer • disabiltiy • disabled • elderly • finance • grandparent • income taxes • pension • retired • semi-retired • small business • taxes
Filed under: taxes
Social Tagging: baby boomer • disabiltiy • disabled • elderly • finance • grandparent • income taxes • pension • retired • semi-retired • small business • taxes
A tax credit is available to those taxpayers who are either 65 years of age before December 31, 2009 or under the age of 65 but retired, and were permanently and totally disabled when they retired. Unfortunately this credit is not as substantial as some of the other tax credits that are available to taxpayers, however like any tax credit, it should not be overlooked since it could result in some unexpected cash in a taxpayers pocket.
February 5, 2010 by Sandor Lenner · Leave a Comment
Filed under: taxes
Social Tagging: child care • dependent care • finances • free lance • home based business • save taxes • tax credit • taxes
Filed under: taxes
Social Tagging: child care • dependent care • finances • free lance • home based business • save taxes • tax credit • taxes
You may be able to claim a credit on your 2009 tax return if you paid someone to take care of your dependent, who is under the age of 13 or for a spouse or dependent who was not able to care for themselves while you worked or looked for work.
February 3, 2010 by Sandor Lenner · Leave a Comment
Filed under: taxes
Social Tagging: college • deudction • finance • graduate • graduate school • home based • income taxes • post secondary education • tax credit • taxes
Filed under: taxes
Social Tagging: college • deudction • finance • graduate • graduate school • home based • income taxes • post secondary education • tax credit • taxes
The new law which was signed on February 17, 2009 increases this tax credit to $2,500 and also renamed this credit as the The American Opportunity Tax Credit. This new credit modifies the Hope Credit for tax years 2009 and 2010, by making the Hope Credit available to more taxpayers, including many with higher incomes and those that owe no tax. Required course materials are now considered qualifying expenses and allows the credit to be claimed for 4 post-secondary education years instead for 2 years.
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