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Tax Central
We are dedicated to keeping clients abreast of the latest tax law changes, planning strategies and vital tax-related information. This section includes a library of timely articles, due date reminders and much more. The articles are categorized by subject matter, which can be accessed from the links.
Click on your topic of interest and find a wealth of information.
TAX CREDITS
There are a number of tax credits that are available to individual taxpayers and small businesses. Unlike tax deductions which reduce your taxable income, tax credits reduce the actual tax dollar for dollar. This section includes the more commonly available tax credits.
- Home Energy Credits
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Tax Credit for Residential Energy Improvements - Energy property improvements to a principal residence located in the United States and placed in service during before the end of 2010 qualify for the residential energy improvement credit. 2010 is your...
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- New Making Work Pay Credit
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“Making Work Pay” credit provides a refundable credit of 6.2% of a taxpayer’s earned income not to exceed $400 for individuals and $800 for joint filing couples. Eligible individuals will receive an income tax credit for two years (tax...
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- The Earned Income Credit
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The EITC is for people who work, but have lower incomes. If you qualify, it could be worth up to $5,666 for 2010. So, you could pay less federal tax or even get a refund. The credit is a refundable credit, so you can receive the benefits of the credit...
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- Child Tax Credit
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Taxpayers who have a qualified child may qualify for the Child Tax Credit. The maximum credit amount is $1,000 through 2010 and then will drop to $500 beginning in 2011. The “American Recovery and Reinvestment Act of 2009” (the 2009 Economic...
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- Child & Dependent Care Credit
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A nonrefundable tax credit is available to some taxpayers for the expenses incurred for the care of a child (generally under 13 years of age), disabled child, spouse, or other dependent while the taxpayer is gainfully employed, (or is job seeking). In...
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- Adoption Credit
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Adoptive parents may be able to claim a dollar-for-dollar tax credit for the “qualified” expenses of adopting a child up to $13,170 for 2010 (up from $12,150 in 2009) for each adopted child. That is equivalent to a deduction of over $52,600...
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- Work Opportunity Tax Credit
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Employers can qualify for a tax credit for qualified wages paid to members of targeted groups. The credit, except for long-term family assistance recipients and summer youth employees, equals 40% (25% for employment of 400 hours or less) of qualified...
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- AMT Credit
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The Alternative Minimum Tax Credit is a frequently misunderstood and overlooked tax credit. Oversimplified, the alternative minimum tax credit is the result of incurring an alternative minimum tax (AMT) in a prior year, which generates a credit that...
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- Tax Credit to Aid First-Time Homebuyers
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To stimulate home sales, Congress first established the first-time homebuyer credit in 2008, then modified it for 2009 (through November 30, 2009), and then extended it again through the middle of 2010 (2011 for certain service members) resulting in some...
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- Saver's Credit
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The Saver's Credit provides a nonrefundable tax credit for contributions made by eligible, low income taxpayers to IRAs and qualified elective income deferrals. The plan provides incentives for lower income individuals to save for their retirement through...
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