Common tax return mistakes that delay your tax refund – Errors on tax returns mean they take longer to process, which in turn, may cause your refund to arrive later. The IRS cautions against these nine common mistakes so your tax refund is timely. 1. Incorrect or missing Social Security Numbers – When entering SSNs for anyone listed on your tax return, be […]

Energy-efficient tax credits – Taxpayers who made some energy efficient home improvements or purchased energy-efficient products last year may qualify for a tax credit this year. The IRS wants you to know about these six energy-related tax credits created or expanded by the American Recovery and Reinvestment Act of 2009. 1. Residential Energy Property Tax Credit – […]

Child and dependent care tax credit – ten facts – If you paid someone to care for your child, spouse, or dependent last year, you may be able to claim the Child and Dependent Care Credit on your federal income tax return. Below are 10 things the IRS wants you to know about claiming a tax credit for child and dependent care expenses. […]

Four popular and valuable tax credits – You might be eligible for a valuable tax credit. A tax credit is a dollar-for-dollar reduction of taxes owed. Some credits are even refundable, which means you might receive a refund rather than owe any taxes at all. Here are four popular tax credits you should consider before filing your 2010 Federal Income […]

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 […]

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 […]

Federal 2010 Tax Changes for Small Businesses – During 2010, new laws, such as the Affordable Care Act and the Small Business Jobs Act of 2010, created or expanded tax deductions and tax credits that small businesses and self-employed individuals should consider when completing their federal tax returns and making business decisions in 2011. Health Insurance Deduction Reduces Self Employment Tax […]

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