Tax Credits

The Latest

  • December 15, 2014

    One of the most valuable and popular Federal tax credits is the Child Tax Credit.

    The Child Tax Credit is a non-refundable credit...

  • December 10, 2014

    The American Opportunity Tax Credit (AOTC) was originally introduced for tax years 2009 and 2010 under the American Recovery and Reinvestment Act (ARRA).

    The AOTC was designed as a stimulus to assist individual taxpayers into a new career...

  • November 18, 2014

    When it comes to tax returns, you will often hear two different terms regarding income: Adjusted Gross Income (AGI) and Modified Adjusted Gross Income (MAGI).

    Both AGI and MAGI are important in calculating the amount of...

  • November 3, 2014

    Beginning in 2014, the Individual Shared Responsibility provision of the Affordable Care Act takes effect. This means that each and every taxpayer (and family member) is now required to maintain basic health insurance, also called “...

  • October 30, 2014

    Tax credits, available through the IRS, can bring you a substantial savings on your Federal income tax bill.

    A tax credit reduces your tax liability dollar-for-dollar. This means that a $500 tax...

  • October 22, 2014

    The Earned Income Tax Credit (EITC or EIC), which has been around since 1975, essentially provides a subsidy for low-income working families. To claim this tax credit, you must meet certain eligibility...

  • October 16, 2014

    When you’re getting married, taxes are probably the last thing you want to think about. However, it is still important to understand the tax consequences of marriage. This article explains some basic tax considerations for newlyweds.

    Name and...
  • October 10, 2014

    Are you wondering if you need to file a tax return? While most people who earn an income must file a Federal income tax return, that is not true for everyone.

    Depending on your...

  • September 24, 2014

    The ability to work for yourself and be your own boss is an exciting prospect. Becoming self-employed in your field of expertise can give you the freedom to find a work-life balance that is hard to achieve when you are employed by a someone else...

  • September 23, 2014

    Every year, the IRS publishes a list of the “Dirty Dozen” tax scams that pose the most danger to taxpayers at large. If you fall prey to one of these scams, you are at risk for owing the IRS a large sum of money. In extreme cases, a tax scam can...