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Further
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How To Create Your Own Halloween Sound Effects Cd
How To Create Your Own Sound Effects CD
Making a Halloween hit list is as easy as toasting bread when you follow these tips and tricks. If you've got a CD burner then you're all set. If you don't then you can download one of those free "jukebox"...
How to Deal With Headaches During Pregnancy
Headaches are one of the more unpleasant “side effects” that come with pregnancy. All women will have some, but most will experience them in the first and last trimesters. In the first three months, this is thought to be primarily due to such...
On-the-Go Kids Snacks
Remember the old TV shows, “Leave it to Beaver,” and, “The Brady Bunch”? The kids would wander in after school to find fresh-baked oatmeal cookies and frosty glasses of milk on the table for their after school snack. Mom (or was it the...
Girls Only - How To Have It All ...
You return home after a tough day and slip into a bath. The taps trickle, the candles glow, the water, warm and soothing, soaks into your skin and the ballad of the moment defines your mood.
Your thoughts drift and the challenges of the day...
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Are You Eligible For Any Of These Tax Credits?
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Written By:
Richard A. Chapo
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Taxpayers should consider claiming tax credits for which they might be eligible when completing their federal income tax returns. A tax credit is a dollar-for-dollar reduction of taxes owed. Some credits are refundable – taxes could be reduced to the point that a taxpayer would receive a refund rather than owing any taxes. Below are some of the credits taxpayers could be eligible to claim:
Earned Income Tax Credit
This is a refundable credit for low-income working individuals and families. Income and family size determine the amount of the EITC. When the EITC exceeds the amount of taxes owed, it results in a tax refund to those who claim and qualify for the credit.
Child and Dependent Care Credit
This is for expenses paid for the care of children under age 13, or for a disabled spouse or dependent, to enable the taxpayer to work. There is a limit to the amount of qualifying expenses. The credit is a percentage of those qualifying expenses.
Adoption Credit
Adoptive parents can take a tax credit of up to $10,390 for qualifying expenses paid to adopt an eligible child. A credit of up to $10,390 may be allowed for the adoption of a child with special needs even if you do not have any qualifying expenses. For more information, see Pub. 968, Tax Benefits for Adoption.
Credit for the Elderly and Disabled
This credit is available to individuals who are either age 65 or older or are under age 65 and retired on permanent and total disability, and who are citizens or residents. There are income limitations. For more - continued below ...
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information, see Pub.524, Credit for the Elderly or the Disabled.
Education Credits
There are two credits available, the Hope Credit and the Lifetime Learning Credit, for people who pay higher education costs. The Hope Credit is for the payment of the first two years of tuition and related expenses for an eligible student for whom the taxpayer claims an exemption on the tax return. The Lifetime Learning Credit is available for all post-secondary education for an unlimited number of years. A taxpayer cannot claim both credits for the same student in one year. For more information, see Publication 970, Tax Benefits for Education.
Retirement Savings Contribution Credit
Eligible individuals may be able to claim a credit for a percentage of their qualified retirement savings contributions, such as contributions to a traditional or Roth IRA or salary reduction contributions to a SEP or SIMPLE plan. To be eligible, you must be at least age 18 at the end of the year and not a student or an individual for whom someone else claims a personal exemption. Also, your adjusted gross income (AGI) must be below a certain amount. For more information, see chapter four in Publication 590, Individual Retirement Arrangements (IRAs).
About the Author
Richard Chapo is CEO of Business Tax Recovery - Obtaining tax refunds for small businesses for overpaid taxes. Discovery tax strategies and deductions in our tax articles section.
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“What Is Moissanite, If Not A Cosmic Gem?”
To answer the question what is moissanite, we have to fall back on history. All good things come to us from the heavens and it is somewhat similar with the moissanite info that we have. It was about forty thousand years ago that Indians in Arizona...
School Bullying Stopped: 5 Ways to Zap Bullies with the Facts!
So, there is a bully that you just can’t catch! You have been trying for years and no luck!
Well, I have learned with good documentation, anything is possible – even building a great case for catching that hardcore bully.
1. I keep a...
Apartment Searches: Lose the Rose-Colored Glasses First
If you're getting ready to rent, don't do what this editor did once ... a long, long time ago. Don't walk into the unit -- particularly if it's not the same unit you're getting ("It's pretty similar," you'll be assured, but don't listen) -- nod,...
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