Archive for category Credits
7 tips about the Expanded Adoption Credit
You may be able to take a tax credit of up to $13,170 for qualified expenses paid to adopt an eligible child. The Affordable Care Act increased the amount of the credit and made it refundable, which means it can increase the amount of your refund. Here are seven things the IRS wants you to [...]
2011 Residential Energy Tax Credit
When it comes to energy credits, you’ll need to remember the past as you look to the future. That’s because the federal tax credit for energy-efficient improvements made to your home is available for 2011 — but with the original standards instead of the more generous rules applicable to your 2010 tax return. For your [...]
Paying back the First Time Home Buyer Credit (..err..) Loan
Did you buy your current home between April and December of 2008 and claim the then-new federal tax credit for first-time homebuyers? If so, repayment of the credit begins this year, and the first installment is due with your 2010 tax return. You might already have received a letter from the IRS summarizing how much [...]
10 Tips about the Child Tax Credit
The Child Tax Credit is an important tax credit that may be worth as much as $1,000 per qualifying child depending upon your income
Claiming the First-Time Homebuyer Credit
If you purchased a home in 2010, you may be eligible to claim the First-Time Homebuyer Credit, whether you are a first-time homebuyer or a long-time resident purchasing a new home. The purchaser must have been at least 18 years old on the date of purchase; for a married couple, only one spouse must meet [...]
10 things to know about the Earned Income Tax Credit
The Earned Income Tax Credit (EITC) is a valuable tax credit that should not be overlooked if you qualify.
10 Tax Benefits for Parents
Posted by brumley in Credits, Deductions, Tax on January 26, 2011
Did you know that your children may help you qualify for some tax benefits? Here are 10 tax benefits for parents to consider when filing their tax returns this year.
A review course on education tax credits
Posted by brumley in Credits, Education Funding on November 12, 2010
As the fall semester starts up, so do questions about education tax credits. The interest is natural - credits are valuable tax breaks, because you can subtract them directly from the income tax you owe. So what education credits can you claim on your 2010 federal income tax return? The Hope Scholarship/American Opportunity Credit and the [...]
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T Scott Brumley CPA
With more than thirty years experience in accounting, tax, finance, auditing, technology and business management, T Scott Brumley, CPA rolls up his sleeves and works with his clients to solve their complex business problems.
