Credits
Parents and Students: Check Out College Tax Benefits
In general, the American opportunity tax credit, lifetime learning credit and tuition and fees deduction are available to taxpayers who pay qualifying expenses for an eligible student. Eligible students include the primary taxpayer, the taxpayer’s spouse or a dependent of … read more
Fueling Up on Tax Credits
Frivolous tax arguments sometimes target very specific types of tax credits. One such fraudulent tax scheme involves the fuels tax credit. Proponents of this scheme assert that taxpayers can claim the section 6421 fuels tax credit without regard to whether … read more
Credit for Employee Cash Tips
If you work in the restaurant industry you may qualify for a credit regarding the Social Security taxes you pay on your employees’ tip income. This credit relates to the Social Security taxes you pay on an employee’s cash tip … read more
2011 Expanded Adoption Tax Credit
If you adopted a child last year and requested an extension of time to file your 2011 taxes, you may be able to claim the expanded adoption credit on your federal tax return. The Affordable Care Act temporarily increased the … read more
Summertime Child and Dependent Care Tax Credit
When my children were younger, the thought of the long summer stretching ahead of them was tantalizing. Until about 3 days in and the “I’m booooooooooooooored” whining began. The solution? Summer camps fit the bill for my family and now … read more
How to Qualify for the Earned Income Tax Credit
The Earned Income Tax Credit (EITC) is a refundable tax credit for low and medium income individuals, couples and families. Originally enacted in 1975, the EITC has been expanded on numerous occasions. Today, the EITC is one of the largest … read more
New Arizona School Tuition Organization Tax Credit
Recently enacted Arizona SB 1047 establishes a new “overflow” tax credit for contributions to a qualified school tuition organization (STO) that exceed the amount allowed under the existing STO tax credit. Under current law, a nonrefundable individual and corporate tax … read more
Expansion of Private School Tuition Organization Tax Credit Program
Effective retroactively to taxable years beginning from and after December 31, 2011, Arizona has amended the provisions relating to the contribution to private school tuition organizations. For years prior to 2012, Arizona taxpayers could take a tax credit on their … read more
Tips for Claiming an Education Credit
Here are a few tips and facts about claiming an education credit. The American Opportunity Tax Credit The American Opportunity Tax Credit is a per student credit that may be claimed for each eligible student. The maximum American Opportunity Tax … read more
Do You Have to Repay a First-Time Homebuyer Credit? The IRS has a New Tool Available to Help
If you purchased a home in 2008 and claimed the First-Time Homebuyer Credit, the credit is similar to a no-interest loan and must be repaid in 15 equal annual installments that began with your 2010 tax return. Additionally, if you … read more