Credits

Homebuyer Credit Repayment

May 15, 2012

Today TaxMama® hears from Kelly in the TaxQuips Forum who cares about her friend. “A friend’s home will soon be going into foreclosure. He’s owned the home for 2.5 years and we’re trying to figure out if he’ll have to repay the $8,000 tax credit he received as a first time homebuyer. I’ve read that [...]

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US Virgin Islands Taxes

March 28, 2012

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Today TaxMama® hears from Pat in the TaxQuips Forum with a quickie question. “Are income taxes paid to the Virgin Islands deductible as state taxes? VI taxes are governed by the Internal Revenue Code so it doesn’t seem logical they’d be deductible, as federal taxes generally aren’t. In addition, the U.S. Virgin Islands aren’t a [...]

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Child Tax Credit Trick

March 26, 2012

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Today TaxMama® hears from Gary in the TaxQuips Forum with a brilliant observation. “I was working on a tax return for a married couple with income too high to receive the $1,000 Child credit. I have found (just recently) that if one of the spouses has a much lower income, or no income, filing them [...]

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What Employers Need to Know About Claiming the Small Business Health Care Tax Credit

March 9, 2012

If you are a small employer with fewer than 25 full-time equivalent employees that earn an average wage of less than $50,000 a year and you pay at least half of employee health insurance premiums…then there is a tax credit that may put money in your pocket. The Small Business Health Care Tax Credit is [...]

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Four Tax Credits that Can Boost your Refund

March 2, 2012

Courtesy of IRS A tax credit is a dollar-for-dollar reduction of taxes owed. Some tax credits are refundable meaning if you are eligible and claim one, you can get the rest of it in the form of a tax refund even after your tax liability has been reduced to zero. Here are four refundable tax [...]

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Get All the Paperwork

February 29, 2012

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Today TaxMama® hears from someone else in the TaxQuips Forum who is being audited. “This person is being audited by IRS for a child tax credit. At this point, she can no longer locate the care provider to get her Social Security Number – the woman’s phone is disconnected. She didn’t get receipts for her [...]

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Stepchild in Divorce

February 14, 2012

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Today TaxMama® hears from Susan in the TaxQuips Forum with a divorce question for Valentine’s Day. “What happens, taxwise, to the relationship of stepchildren when the parents divorce and the stepchild stays with the stepparent? Do they go back to just being the girlfriend’s kid again? I hear about stepparents adopting their spouse’s children. Is [...]

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Moved out Too Soon

February 1, 2012

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Today TaxMama® hears from Elisa in the TaxQuips Forum with this question. “I purchased a home in 2009 getting a first-time homebuyers credit. I lived in it for 1 year. I moved to be closer to work and am renting an apartment. I have been renting my house out since July 2010. How will me [...]

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IRS Reminds Parents of Ten Tax Benefits

January 27, 2012

Your kids can be helpful at tax time. That doesn’t mean they’ll sort your tax receipts or refill your coffee, but those charming children may help you qualify for some valuable tax benefits. Here are 10 things the IRS wants parents to consider when filing their taxes this year. Share this:

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Back Taxes and Child Support

November 8, 2011

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Today TaxMama hears from Krissy in the TaxQuips Forum who needs help. “I am married with two children, low income and my husband owes back child support. Last year I filed separately and ended up owing taxes. I had to set up a payment plan with the IRS to pay it off. I’d like to [...]

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