Before the first-time home buyerâ€™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 buyerâ€™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 much as $8,000 while MCC is ongoing and it is administered … [Read more...] about Mortgage Credit Certificate (MCC): Home Buyers Tax Credit
The American Opportunity Credit was created under the Economic Recovery Act that President Obama signed a couple of years ago. Initially, it is only good for tax years 2009 and 2010 but with the recent tax law changes, this educational credit has been extended to tax years 2011 and 2012. This means additional money for parents of college student Â or college students … [Read more...] about American Opportunity Credit: Why It’s Called The Expanded Hope Credit
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, chances are that your expenses will exceed the … [Read more...] about 7 Homeownership Related Tax Credit and Deductions
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 the education. There are 5 most commonly … [Read more...] about 5 Education Tax Credits and Deductions You Don’t Want To Miss in 2010
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 qualifying dependent or $2,100 if you have more than one. The qualifying dependent must either be a child … [Read more...] about Child and Dependent Care Credit: What Expenses Can I Include?