Tax Credit

Mortgage Credit Certificate (MCC): Home Buyers Tax Credit

Before the first-time home buyer’s credit program came out, one home buyers tax credit that has been around for quite some time is the mortgage interest credit (MCC). The first-time home buyer’s credit is only good for tax years 2008 to 2010 but it offers a much higher one-time home buyers tax credit worth as […]

American Opportunity Credit: Why It’s Called The Expanded Hope Credit

See why the American Opportunity Credit is called the expanded Hope Credit. A quick comparison between the American Opportunity Credit and Hope Credit and see why the American Opportunity Credit is a much better credit when claiming an educational credit on your tax return.

7 Homeownership Related Tax Credit and Deductions

One of the biggest advantage of home ownership versus renting is that there are a lot of financial benefits including numerous tax breaks available to the homeowners that are not available to renters. Most renters can only claim the standard deduction since they may not have enough expenses to itemize. When you become a homeowner, […]

5 Education Tax Credits and Deductions You Don’t Want To Miss in 2010

Education is very important for families because it provides unlimited opportunities for individuals who have one. The government knows this so as much as possible they would like to help by providing numerous education tax credits and deductions to both the people who are pursuing it and for the people that are teaching or providing […]

Child and Dependent Care Credit: What Expenses Can I Include?

Most of us work and we pay someone to take care of our children while we are at work. When this happens, you may be able to use those expenses to claim the child and dependent care credit. Depending on your income, you can claim a credit of up to $1,050 if you have one […]

Earned Income Credit (EIC): Meet the IRS Version of Welfare

The government has various ways on how to take care of the unfortunate ones. Different agencies, at the state, county or federal levels have different programs to help the poor. Among the government programs that are popular are free medical cost, housing assistance, cash aid, food stamp, WIC, etc. but your income must be at […]

Claiming Mortgage Interest Credit On Your Tax Return

If you think that there are no more tax credit for first time home buyer’s credit, think again!! One tax credit that has been around since 1984 but has been overlooked by most home buyer is the mortgage credit certificate program or simply called MCC. However, this is not a program administered by the IRS […]

Understanding The Child Tax Credit

The government has continually helped families financially by providing generous tax credits and deductions to those who have kids and have low to moderate family income. Families with children can avail tax deductions such as the dependency exemptions and tax credits such as the child tax credit, dependent care credit, earned income credit, etc. However, […]

Adoption Credit: What Expenses Are Included, How Much and The New 2010 Changes

Adopting a child is a long process and can be really costly. Prospective parents would have to attend various seminars and would have to be interviewed by a social worker on a consistent basis including numerous visits to the adopting parents home. Adopting parents would have to show that they are both financially and emotionally […]

Claiming The Residential Energy Credits

As a homeowner, being energy efficient pays off a lot when it comes to reducing your monthly electric or gas bills. In addition, you are also helping the environment in reducing deadly emissions in the air so it does provide double benefit. However, purchasing these equipment may be too costly and the break-even point (the […]

Claiming The Making Work Pay Credit On Your 2010 Tax Return

As part of the American Recovery Reinvestment Act, the IRS offered a special tax credit for tax year 2009 and 2010 allowing taxpayers to receive additional refund. Married Filing Joint (MFJ) taxpayers can receive as much as $800 while the rest of the filers can receive as much as $400. The credit equals 6.2 percent […]

Claiming The Home Buyer’s Credit On Your Return

The American Recovery Reinvestment Act has brought a lot of tax benefits to the American people in order to stimulate the economy. After the real estate crash a couple of years ago, the government tried to find ways to stabilize the real estate market since this is one of the major reason why the economy […]