Energy Efficiency Tax Credits to Take on Your 2011 Tax Return
President Obama extended several tax credits through 2011, including a number of home improvement energy efficiency tax credits. Many of the energy efficiency tax credits allowed in 2011 and beyond are lower than they had been previously. Last year, tax credits for energy efficiency improvements were as high as 30% of the improvement (up to $1,500), but for 2011, most of the tax credits are only 10% of the improvement (up to $500).
Still, a credit is a credit and you should file for all credits that you’re eligible for. However, it is important to note that if you have already received energy efficiency tax credits between the years of 2006 and 2010 in excess of $500, you are not eligible for additional energy efficiency tax credits. If you have not already claimed over $500 in energy efficiency tax credits, then here is what you will need to know to determine whether or not you qualify for to claim this credit for 2011:
Lower Adoption Costs in 2011 & 2012 With the Adoption Tax Credit
When you are in the process of adopting, it seems like there is always another bill to be paid. Travel expenses, home study fees, court costs, and more keep piling up.
The IRS offers an adoption tax credit to make adoption more affordable, and to hopefully allow families to adopt who might not be able to afford to do so. You can qualify for a refund of your qualified adoption expenses via a tax credit of up to $13,360 per child in 2011 and $12,170 (adjusted for inflation) in 2012. Taxpayers may be able to qualify for the full tax credit even if the adoption is not finalized in 2011 or 2012. Moreover, taxpayers may also qualify for this tax credit without qualified expenses if the child is a special needs child.
Selling Your Home? Sale of Home Capital Gains & Other Tax Factors
There are several factors to consider when selling your home, especially in an economy where every cent counts. It is important for homeowners to understand how certain actions related to selling a home will impact their finances and, in particular, their tax liabilities.
Since purchasing and/or selling a home may be the most significant financial transaction that the average consumer will make in his lifetime, knowing precisely how these transactions will affect your taxes is crucial. Here we look at how the sale of your home may affect your taxes, as well as some ways for you to reduce any tax liability.
Is Summer Camp Eligible for the Child & Dependent Care Tax Credit?
For most parents who have children 13 or younger, summer camp is usually something for them to do during the summer months when school is out. The cost of summer camp though can sometimes be expensive, especially with this lackluster economy.
Fortunately, summer camp expenses may qualify as eligible expenses under the Child and Dependent Care Tax Credit.
Saver's Tax Credit: Get Rewarded For Retirement Savings
It can be difficult to save enough money for retirement, and even more so if you don’t have much disposable income in the first place. Putting away money can become something that always happens “later”. Fortunately, Uncle Sam wants to help you afford to save, especially if you’ve got a low income. If you haven't filed your taxes yet for 2010 (you filed a tax filing extension) or you are looking to take advantage of it on your 2011 tax return, read on. Income limitations may slightly change with inflation for your 2011 tax return (IRS will report possible changes later in year).
The “saver’s credit” (officially known as the Credit for Qualified Retirement Savings Contribution) gives you a tax credit up to $1,000 (up to $2,000 if filing jointly) just for making a contribution to a retirement account, if you meet the requirements. Here are some of the qualifications:
Homebuyer Tax Credit Repayment for 2008 Begins on 2010 Tax Return
If you were a first time homebuyer and claimed the first time homebuyer tax credit (FTHB) when you purchased your home in 2008, it is time to start paying the government back in most cases since repayment of the credit starts in the 2nd taxable year following the year of purchase.
Green Efficient Tax Credits That Expire Soon
Over the last several years there have been numerous tax credits available to taxpayers when they make positive lifestyle “green” purchases. These energy efficient tax credits are offered when you make purchase that will have a positive environmental impact. These tax credits are dollar for dollar deductions right off your total tax bill.
College Tax Credit Expiring If Congress Does Nothing
Few Americans these days dispute the fact that times are tougher and continued education is imperative to take advantage of new opportunities as they emerge. The cost of college tuitions nationwide have gone up, closing the door for many students who cannot afford the exorbitant amounts without serious financial aid.
Homebuyer Credit Deadline Extended into September
Last week, President Obama eased the mind those hoping to take advantage of the First-Time Homebuyer Credit who were struggling to meet the previous closing deadline of June 30th. On Friday, July 2nd Obama signed the Homebuyer Assistance and Improvement Act that will allow those who recently contracted a home to finalize the deal by September 30, 2010.