Tax credit

Tax Credits for Hiring Unemployed Veterans and Certain Youth

May 29, 2009

IR-2009-55, May 28, 2009 WASHINGTON — Businesses planning to claim the newly-expanded work opportunity tax credit (WOTC) for eligible unemployed veterans and unskilled younger workers hired during the first part of 2009 have until Aug. 17 to request the certification required for these workers, according to the Internal Revenue Service. Newly-revised Form 8850, now available [...]

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First-Time Homebuyers Have Several Options to Maximize New Tax Credit

March 20, 2009

WASHINGTON — As part of the Treasury Department’s consumer outreach effort and with the April 15 individual tax filing deadline approaching, the Internal Revenue Service today began a concerted effort to educate taxpayers about additional options at their disposal to claim the new $8,000 first-time homebuyer credit for 2009 home purchases. For people who recently [...]

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News Release – Stimulus Package – Final Version Summary

February 13, 2009

CCH Special Tax Briefing Final Stimulus Plan Provides Tax Breaks For Individuals, Businesses, Environment, Government (RIVERWOODS, ILL., February 13, 2009) – Senate and House conferees have agreed on the final provisions of The American Recovery and Reinvestment Act of 2009, the major “economic stimulus” measure of the new Obama administration, according to CCH, a Wolters [...]

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Offset Education Costs

February 13, 2009

IRS TAX TIP 2009-30 Education tax credits can help offset the costs of higher education for yourself or a dependent. The Hope Credit and the Lifetime Learning Credit are two education credits available which may benefit you. Because they are credits rather than deductions, you may be able to subtract them in full, dollar for [...]

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New Rules for Qualifying Child

October 10, 2008

Tax Provisions in HR 6893 Signed Into Law Oct 7, 2008 In addition to the Emergency Economic Act of 2008, President Bush has signed a little known Act which contains a clarification of the uniform definition of a qualifying child for purposes of the dependency exemption, EITC, dependent care, and HH filing status. This change [...]

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Retirement Credit

September 4, 2008

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Today TaxMama hears from Cindy in Kansas with an enterprising idea. “I understand that enrolling in an IRA gives an additional tax credit; I have not done so as of yet. Would rolling over a 401(k) account into a Roth IRA be eligible?” Share this:

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Overview of Pending Tax Legislation

April 18, 2008

Courtesy of NAEA – www.naea.org Rep. Xavier Becerra (D-CA) last week introduced H.R. 5716, the Taxpayer Bill of Rights Act of 2008, in the House of Representatives. The bill includes NAEA’s key legislative initiative—regulation of paid return preparers. The House Ways and Means Committee last Wednesday approved 23–17 the Taxpayer Assistance and Simplification Act of [...]

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IRS Has $1.2 Billion for People Who Have Not Filed a 2004 Tax Return

March 21, 2008

Courtesy of the Internal Revenue Service IR-2008-046 WASHINGTON — Unclaimed refunds totaling approximately $1.2 billion are awaiting about 1.3 million people who failed to file a federal income tax return for 2004, the Internal Revenue Service announced today. However, to collect the money, a return for 2004 must be filed with an IRS office no [...]

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House Bill Provides Low-Income Tax Benefit, Amt Fix

November 9, 2007

Courtesy of The National Women’s Law Center www.nwlc.org Bill Closes Private Equity Tax Loophole to Pay for Changes (Washington, D.C.) The U.S. House is expected to vote Friday on a bill that promotes tax fairness and fiscal responsibility by expanding eligibility for the refundable child tax credit, temporarily fixing the alternative minimum tax, and closing [...]

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Small Business Tax Breaks

May 29, 2007

Courtesy of NAEA – The National Association of Enrolled Agents Small Business Tax Breaks to Be Sent to President (Again) Congress this week approved a package of small business tax breaks and an increase in the minimum wage; both were tagged onto H.R. 2206, a bill funding the Iraq war through September 30, 2007. President [...]

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