Tax Credits

The Latest

  • March 25, 2015

    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.

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  • February 20, 2015

    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...

  • February 2, 2015

    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 “...

  • January 20, 2015

    A tax credit is a dollar-for-dollar reduction in the amount of tax that you owe. For example, a $500 tax credit will save you $500 in taxes.

    On the other hand, a tax deduction merely reduces your...

  • January 5, 2015

    Many parents and people caring for dependent family members can receive a tax credit for expenses paid to care for these individuals. This credit is designed for taxpayers who must pay for a dependent’...

  • December 23, 2014

    There is a tax credit or deduction available for those who have paid taxes on foreign earned income if they also paid U.S. taxes in the same year. This is a somewhat complicated option, giving taxpayers the choice to choose to either use a...

  • 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...

  • 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.

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  • 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...