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Students Worldwide Are Learning How To Excel In School From Home
Today, children are expected to earn high grades in all of their classes, in spite of the failing public school system. Parents can still remember when an education was essential in preparing children for their livelihood. Now what many public...
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Love, Uncles, and Etymology
Thwack! . . . Thwack! . . . Thwack! Steven Arthur Mills slapped the marble desk in front of Roseville High School’s science class with a yardstick. All eyes suddenly fastened on him. He sensed that we were getting bored with learning, and he wasn’t...
Man Shortage, Again?
In the last two weeks I've read articles crying the age old desperate woman battle cry, "there are no marriageable men". This has to be the most ridiculous assumption women has ever bought lock, stock, and barrel. There's no shortage of men,...
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How to take Great Photos of Your Pet
We all love our animals. They do such funny, adorable, and cute things. But somehow when that camera comes out they run and hide or they just seem to always be pointed away from the camera when you push the button. Well here are some tips to...
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Are You Eligible For Any Of These Tax Credits?
Taxpayers should consider claiming tax credits for which they might be eligible when completing their federal income tax returns. A tax credit is a dollar-for-dollar reduction of taxes owed. Some credits are refundable – taxes could be reduced to the point that a taxpayer would receive a refund rather than owing any taxes. Below are some of the credits taxpayers could be eligible to claim:
Earned Income Tax Credit
This is a refundable credit for low-income working individuals and families. Income and family size determine the amount of the EITC. When the EITC exceeds the amount of taxes owed, it results in a tax refund to those who claim and qualify for the credit.
Child and Dependent Care Credit
This is for expenses paid for the care of children under age 13, or for a disabled spouse or dependent, to enable the taxpayer to work. There is a limit to the amount of qualifying expenses. The credit is a percentage of those qualifying expenses.
Adoption Credit
Adoptive parents can take a tax credit of up to $10,390 for qualifying expenses paid to adopt an eligible child. A credit of up to $10,390 may be allowed for the adoption of a child with special needs even if you do not have any qualifying expenses. For more information, see Pub. 968, Tax Benefits for Adoption.
Credit for the Elderly and Disabled
This credit is available to individuals who are either age 65 or older or are under age 65 and retired on permanent and total disability, and who are citizens or residents. There are income limitations. For more
information, see Pub.524, Credit for the Elderly or the Disabled.
Education Credits
There are two credits available, the Hope Credit and the Lifetime Learning Credit, for people who pay higher education costs. The Hope Credit is for the payment of the first two years of tuition and related expenses for an eligible student for whom the taxpayer claims an exemption on the tax return. The Lifetime Learning Credit is available for all post-secondary education for an unlimited number of years. A taxpayer cannot claim both credits for the same student in one year. For more information, see Publication 970, Tax Benefits for Education.
Retirement Savings Contribution Credit
Eligible individuals may be able to claim a credit for a percentage of their qualified retirement savings contributions, such as contributions to a traditional or Roth IRA or salary reduction contributions to a SEP or SIMPLE plan. To be eligible, you must be at least age 18 at the end of the year and not a student or an individual for whom someone else claims a personal exemption. Also, your adjusted gross income (AGI) must be below a certain amount. For more information, see chapter four in Publication 590, Individual Retirement Arrangements (IRAs).
About the Author
Richard Chapo is CEO of Business Tax Recovery - Obtaining tax refunds for small businesses for overpaid taxes. Discovery tax strategies and deductions in our tax articles section.
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