Tax Insights

I have to speak from recent experience on this one.  It would have been nice to know that this extension was going to be final a few days ago.  I must have been my banks worst nightmare…phone calls, numerous emails, and countless status updates…I was pushing the banks to move as fast as possible in [...]

Arizona tax law allows taxpayers a tax credit for contributions made to a school tuition organization.  Though this credit has been around for quite some time, there is a new update to the credit beginning in 2010.  In years past, the deadline for making the tuition contribution was December 31st of the tax year in [...]

At the moment the first time homebuyer credit (and the related long-term resident credit) has not been extended by Congress.
These credits expired April 30, 2010.  However, if you entered into a binding contract prior to May 1, 2010, you do have some time left.
If you close on that binding contract prior to July 1, 2010, [...]

If your company has invested time, money, and resources towards the advancement and improvement of its products or processes, then you may qualify for the Research & Development (R&D) tax credit. 
Prior to December 2003, the requirements necessary to qualify for the R&D tax credit were rather difficult to meet.  However, in December 2003, new IRS [...]

An individual or couple can qualify for the adoption tax credit if you adopted a child and paid out-of-pocket expenses relating to the adoption.  The adoption credit is calculated on Form 8839 (Qualified Adoption Expenses).  You may claim an adoption credit of up to $12,170 (for tax year 2010) per eligible child.
Adoption Tax Credit Amounts
  
2009: $12,150
2010: $12,170
2011:  $5,000 [...]

It’s a safe bet that we can improve the energy efficiency of our homes with the installation of thermal windows and doors, or with the replacement of older heating and air conditioning units.  But it is not so certain that an improvement will qualify for the new 30% Nonbusiness Energy Property Credit. 
To be eligible for [...]

Are you thinking of going green and making energy efficient improvements to your home?  Well, now is the time to act! The American Recovery and Reinvestment Act of 2009 has increased the tax credit from 10% to 30% of the cost of all qualifying improvements and property expenditures, and it raised the maximum credit limit [...]

I always thought that one of the best names for anything in the tax law was the Hope Credit.  Really – who could take the other side of that argument?
Well, under current law, the Hope Credit has been replaced.  Not forever.  Just for now.  And the new credit is called the American Opportunity Credit.  It [...]

There is a new credit on the Form 1040 this year – computed on the new Schedule M (see prior post on Schedule L and Schedule M).  This credit is named the Making Work Pay and Government Retiree Credit and will be located on your 2009 Form 1040 on line 63.  This credit came about [...]

Previously, Mike Anderson and Jill Helm had provided certain information regarding the first-time homebuyer credit. This blog will provide additional information regarding the residency requirements for individuals and married couples.
For first-time homebuyers that are married, both spouses have to meet the residency requirements to qualify for the credit as illustrated in the following examples. The same [...]