Save on 2011 taxes – new tax guide – Taxpayers might be able to benefit from more recovery tax changes and get ahead on their 2011 federal income tax return preparation by reviewing a newly updated comprehensive tax guide currently available at Publication 17, Your Federal Income Tax, contains details on how to benefit from various tax-saving opportunities, such as the […]

Retirement Savings Contributions Credit – How to claim – You may be eligible for a tax credit if you make eligible contributions to an employer-sponsored retirement plan or to an individual retirement arrangement (IRA). Here are six facts the IRS wants you to know about the Savers Credit: 1) Income Limits – The Savers Credit, formally known as the Retirement Savings Contributions […]

Expanded Adoption Credit on Income Tax – 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 adoption expenses tax credit and made it refundable, which means it can increase the amount of your tax refund. Here are seven […]

Tax benefits on 2010 federal taxes – In 2011, taxpayers filing their 2010 federal income tax return will have some extra tax benefits available to them. Here is a summary of these tax benefits: Three Extra Days to File and Pay Taxpayers, nationwide, will have until Monday, April 18, 2011, to file their 2010 returns and pay any taxes due. […]

Child tax credit – 10 facts to know – 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. Here are 10 important facts from the IRS about this credit and how it may benefit your family. 1. Amount – With the Child Tax Credit, you may be […]

8 tax tips about 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 […]

7 tax tips for people with disabilities – Taxpayers with disabilities and parents of children with disabilities may qualify for a number of IRS tax credits and benefits. Listed below are seven tax credits and other benefits which are available if you or someone else listed on your federal tax return is disabled. 1) Standard Deduction – Taxpayers who are legally […]

Medical and dental expenses – tax deduction tips – If you itemize your tax deductions on tax Form 1040, Schedule A, you may be able to save money this year by deducting expenses you paid in 2010 for medical care – including dental – for yourself, your spouse, and your dependents. Here are six things the IRS wants you to know about […]

Ten tax benefits from children – Did you know that your children may help you qualify for some federal income tax benefits? Here are ten tax benefits the IRS wants parents to consider when filing their tax returns this year. 1. Dependents – In most cases, a child can be claimed as a dependent in the year they were […]

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