Tax Law

If you plan to purchase a home that will qualify you for either the $8,000 first time home buyer or $6,500 repeat home buyer tax credit, you should begin planning immediately. While you cannot...

Certain home projects may make you eligible for a home improvement tax credit. This gives you the opportunity to save money while improving the value and function of your home. Here's how you can...

President Obama signed the American Reinvestment and Recovery Act of 2009 on February 17, 2009. In addition to a bevy of other tax credits and funds for infrastructure projects, this Act extended...

The U.S. Government Accountability Office (GAO) reported in 2009 that in comparison with their male counterparts, women earned 75 cents on the dollar. This puts single moms at a distinct...

If you have ever purchased a brand new vehicle that uses alternative fuel, the Internal Revenue Service probably has a tax credit or deduction for you, even if you purchased the vehicle in a...

Developers have been using a federally funded tax credit to provide affordable housing for low-income citizens since 1987. Unlike other housing initiatives, the Low Income Housing Tax Credit...

From time to time many people find themselves in trouble with the IRS. A tax lien is simple to take care of if you pay attention to your situation.. By doing the proper research and moving forward...

Many economists dispute the veracity of the commonly accepted method to calculate GDP. Home health care of one's children is not included in the nation's GDP, but is included when one pays for...

The IRS provides a special tax credit for income earners that pay for care of a dependent child or disabled person. This Child and Dependent Care Expenses helps people meet the cost of paying for...

The earned income credit helps workers, especially those caring for children, keep more of their money. The credit is targeted at wage and salary earners not earning investment income, and who...

Kids are expensive, but they also save money on taxes. If you have minor children, you can take advantage of several tax benefits including dependency exemptions, credits, adjustments to income,...

There is one simple rule in tax preparation: deduct everything you can legally deduct, and don't deduct anything else. It seems simple enough in theory, but in practice, it can be hard sometimes...

Children are expensive, but come tax preparation time, those little angels can save you a pretty penny or two on your tax bill. In addition to claiming a standard exemption for your dependents,...

The Child and Dependent Care Tax Credit (CDCTC) originally went into effect in 1956. The purpose of this act was to help qualifying families recover some of the costs of child care at tax time. ...

Katrina is the fifth-deadliest hurricane to strike the United States, the sixth-most powerful of all recorded Atlantic hurricanes and the most costly hurricane as well. Thousands of families lost...

Retirees can keep the benefits from pension investment by protecting income. Tax relief is available for the gains made on salary investment. A pension plan is an investment that secures the...

If you pay your child's higher education expenses, you may be able to take a tax deduction or a tax credit for some or all of these expenses. A tax deduction will reduce the amount of your income...

According to the IRS, the Child Tax Credit can reduce the amount of taxes which you owe by up to $1,000 per child. Eligibility for the Child Tax Credit is determined by five basic tests: age,...

The Child Tax Credit is a dollar-for-dollar reduction in the income tax owed by parents. Each qualifying child under 17 years old can reduce the parent's tax by up to $1,000. The credit is claimed...

To "write off" something on your taxes generally means to claim that something as a deduction or credit on your tax return. A tax credit is different than a deduction. And, there are different...

Minimizing your income tax through legal methods is called tax avoidance. Using illegal methods is called tax evasion and can earn you a federal conviction. While most people would never dream of...

Raising children is expensive, but at least the kids save you money on taxes. The Internal Revenue Service (IRS) provides numerous tax benefits for taxpayers with children, including dependency...

There are numerous tax benefits for education expenses, including deductions for work-related education expenses, education credits and student loan interest.

This article explains the rules and part of the process for recieving Earned Income Credit on your taxes

With the Child Tax Credit, you can reduce your federal tax bill by $1,000 for every "qualifying child." To be eligible for the credit, the taxpayer and the child must meet a series of...

The earned income tax credit is a valuable tax benefit for people who make some money, but less than a certain amount. The earned income tax credit can significantly reduce the amount of money you...

The Hope tax credit is a tax credit designed to assist in the cost of higher education. Pursuant to the applicable regulations, the Hope tax credit may be claimed by certain individuals for...

The calculation of earned income is important for determining eligibility for the Earned Income Tax Credit. The EITC is a dollar-for-dollar reduction in your income taxes, or if you don't pay any...

The Earned Income Tax Credit is not a refund of tax monies paid by a taxpayer, but rather a credit for low- to moderate-income families with dependent children. This credit can be claimed during...

Certain products that promote energy efficiency are eligible for tax credits from the federal government. You can claim the tax credit when filing your income tax return. A tax credit is a...

Unlike a tax deduction, which lowers the amount of income on which taxes are assessed, a tax credit is a direct reduction in total tax liability. The child tax credit is specifically aimed at...

Giving to Goodwill Industries not only supports a very dedicated group who gives back to the community, but it is recognized as a valid charitable organization by the Internal Revenue Service. To...

The Salvation Army ministers worldwide and serves any person who needs of help. Donating to the Salvation Army allows for a valid tax credit because they are recognized as a charitable...