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Improved Education Tax Credit for 2009 and 2010 – Part 2
The American Opportunity tax credit is also 40% refundable, which means that you can get a refund if the amount of the credit is greater than your tax liability. For example, someone who has at least $4,000 in qualified expenses and who would thus qualify for the maximum credit of $2,500, but who has no tax liability to offset that credit against, would qualify for a $1,000 (40% of $2,500) refund from... [Read more]
Improved Education Tax Credit for 2009 and 2010 – Part 1
The American Opportunity tax credit created a new and improved HOPE credit that may allow you to turn part of the higher education expenses you incur for yourself, your spouse, or your dependents into tax savings. The maximum credit allowed is $2,500 per student (for both 2009 and 2010) for the first four years of undergraduate education at an eligible educational institution. Generally, eligible educational... [Read more]
New and Improved Energy-Efficient Incentives
Have you been considering investing in home improvements that might reduce your energy costs? With the passage of the American Recovery and Reinvestment Act of 2009, two valuable tax credits are now available to taxpayers who make energy efficiency improvements to their home in 2009 or 2010. As you may know, a tax credit is a dollar-for-dollar reduction in tax, and is therefore generally much more... [Read more]
First-Time Home Buyers’ Tax Credit Improved
First-Time Home Buyers’ Tax Credit Improved by Glenn Schanel, CPA – Jupiter, Florida In an effort to revive the real estate market, in 2008 Congress created a tax credit for “first time home buyers.” In its original form, this “credit” of $7,500 was in reality an interest free loan that the taxpayer had to repay over a 15 year period. It soon became evident... [Read more]
