Tag Archives: Tax credits

Earned Income Tax Credit Basics : What to Know to Claim It ( 1 of 2)

QUALIFYING FOR EARN INCOME TAX CREDIT Some taxpayers with lower-paying jobs may be eligible for an earned income tax credit (EITC), based on their income levels. The EITC is a refundable credit; if the credit amount exceeds the taxpayer’s tax … Continue reading

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Earned Income Tax Credit Basics : What to Know to Claim It ( 2 of 2)

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Ten Facts about Adoption-Related Tax Savings

Adoption can create new families or expand existing ones. The expenses of adopting a child may also lower your federal tax. If you recently adopted or attempted to adopt a child, you may be eligible for a tax credit. You … Continue reading

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8 Tips to Save You Money in the 2012 Tax Season

Worried all tax saving options have been exhausted once the clock struck midnight on New Year’s Eve?  Yes, most money-saving options to defer income or claim deductions become a great deal more limited after December 31, there is still a … Continue reading

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Charitable Contributions Last Chance Before Year’s End!

We are getting closer and closer to year end and we are ready to help our most beloved charitable organizations but……do we know which of them qualify for deductions? Only the five following types of organizations can be qualified organizations … Continue reading

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Facts for Mortgage Debt Forgiveness

If you are a homeowner whose mortgage debt is partly or entirely forgiven during tax years 2007 through 2012, you may be able to claim special tax relief and exclude the debt forgiven from your income. Here are 10 facts … Continue reading

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Healthcare Tax Saving Tips to Remember

Sole proprietors, partners, limited liability company (LLC) members, and S corporation shareholders can deduct qualified health insurance premiums paid to cover themselves and family members. This is the so-called self-employed health insurance deduction. For 2010, you claim it on Line … Continue reading

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7 Healthy Tax Habits that Could Save Your Small Business & You

There’s not an entrepreneur in the world who likes tax time. Yes, it’s February, but its best to be prepared when it comes to April 15 or March 15 for Corporations (that’s right around the corner.) Now is the time … Continue reading

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Medical & Dental Expense Deductions on your Taxes

If you itemize your deductions on Form 1040, Schedule A, you may be able to deduct expenses you paid in 2010 for medical care – including dental – for yourself, your spouse, and your dependents. Ask your account or tax … Continue reading

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Tax Tip Education: Lifetime Learning Credit

The Lifetime Learning Credit much like the American Opportunity Credit is available to help you offset the costs of higher education for yourself or your dependents. To qualify for the credit, you must pay postsecondary tuition and fees for yourself, … Continue reading

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