Summertime Child Care Expenses May Qualify for a Tax Credit
Did you know that your summer day care expenses may qualify for an income tax credit? Many parents who work or are looking for work must arrange for care of their children under 13 years of age during the school vacation. Those expenses may help you get a credit on next year’s tax return.
Tax Credit Helps Pay for Higher Education Expenses
The American Recovery and Reinvestment Act was passed in early 2009 and created the American Opportunity Credit. This educational tax credit – which expanded the existing Hope credit – helps parents and students pay for college and college-related expenses.
Top 10 Tips about IRA Contributions
There is still time to make contributions to your traditional Individual Retirement Arrangement, better known as an IRA. Below are the top ten things you should know about money you put aside for retirement in an IRA. You may be able to deduct some or all of your contributions to your IRA and you also [...]
First-Time Homebuyers Have Several Options to Maximize New Tax Credit
As part of the Treasury Department’s consumer outreach effort and with the April 15 individual tax filing deadline approaching, the Internal Revenue Service today began a concerted effort to educate taxpayers about additional options at their disposal to claim the new $8,000 first-time homebuyer credit for 2009 home purchases. For people who recently purchased a [...]
Tax Credit for Fuel Cell Vehicles
IRS Explains How Manufacturers and Purchasers Can Take Advantage of Tax Credit for Fuel Cell Vehicles WASHINGTON — The Internal Revenue Service today issued a notice providing procedures for vehicle manufacturers to certify that a fuel cell vehicle meets the requirements for a tax credit. It also provides guidance to taxpayers who purchase certified vehicles [...]
