Tag Archives: tax credit

Tax Carnival Ecstasy – January 22, 2013

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Welcome to the January 22, 2013 edition of tax carnival ecstasy. In this edition we start off with an article from Bill Smith on the IRS delay in tax filing acceptance until the end of January, a delay caused by the late tax law changes passed by congress. There is also an article from John Schmoll who looks at 4 Helpful Free Investment Tools that you can use. Hope you like all the articles, tweet our carnival on Twitter, share with your friends, bookmark and come back next time.

Brian McKay presents Mortgage Debt Cancellation Relief Extended Until December … Read more at 2009 Taxes

What is the Federal Residential Renewable Tax Energy Credit?

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If you have made renewable energy improvements to your home, or you are considering them, you should know about the Federal Residential Renewable Energy Tax Credit. The Federal Residential Renewable Energy Tax Credit is a program that gives a huge tax incentive to people who install solar-electric systems, solar water heaters, geo-thermal heat systems, fuel cells and/or wind turbines. If you have installed a renewable energy system, or you are planning to install one, the tax credit can help you recoup a large portion of your initial investment.

A Brief History

The Energy Policy Act of 2005 was the first … Read more at 2009 Taxes

Top Ten Most Overlooked Tax Deductions

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Each year the Internal Revenue Service (IRS) reports the most common tax deductions taxpayers forget about when submitting their income tax return.  Among one of the most common mistakes taxpayers make is they forget to place their Social Security number on the form or they make a mistake when entering the information.

It is possible for some taxpayers to be overpaying so it helps to make sure you review deductions available and understand how to claim them correctly to obtain the credit.  Below is a list of the most common deductions overlooked by taxpayers:

  1. State sales tax: Taxpayers who live
Read more at 2009 Taxes

Common Tax Deductions That Are Overlooked For Small Businesses

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Having a successful tax season involves proper planning throughout the year to maximize on the deductions that relate directly to your business and its income level.

Starting up Expenses

Capital expenses are one of the expenses that are constantly overlooked when looking for ways to reduce your tax expenses. They usually include marketing, overheads and other related expenses needed to start off your business. You can only deduct them for the first five years after your business opens and cash starts flowing into the business.

Education and training expenses

These are some of the other expenses that most businesses tend … Read more at 2009 Taxes

What is the Dependent Care Tax Credit?

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What is the Dependent Care Tax Credit?

When you are a working taxpayer and have dependents that require care while you are working, you can take a tax credit called the Child and Dependent Care Tax Credit, to help offset the expenses. The dependent can be a child under the age of 13 or a spouse that requires care due to physical or mental limitations.

You can also claim the tax credit when you are looking for work. This is considered the same as working for this tax credit. Full time students are considered to have earned income while … Read more at 2009 Taxes