Tag Archives: Tax credits

Deductible Day Care

Today TaxMama® hears from Mel  in the TaxQuips Forum, with this reasonable question.  “I have a client who sends their 5 year old to a private Christian school for pre-K. Can this be deductible like daycare? Is private school deductible at all in the upper grades?”

Check Out College Tax Benefits for 2012 and Years Ahead

Courtesy of the IRS WASHINGTON — The Internal Revenue Service today reminded parents and students that now is a good time to see if they qualify for either of two college education tax credits or any of several other education-related tax benefits. In general, the American opportunity tax credit, lifetime learning credit and tuition and […]

Benefit of Filing Separately?

Today TaxMama® hears from AK in the TaxQuips Forum, who is trying to understand. “My wife and I have 1 child who is 3 years old. We recently received our W2’s and I started the process through Turbotax online.  With just my income, it looked like we were going to receive the Earned Income Credit […]

No Repayment Needed

Today TaxMama® hears from Dave in the TaxQuips Forum, with an excellent question  (let me summarize).  “His friend’s daughter bought a home in 2008 subject to the First Time Homebuyer Credit repayment. During 2011, she was deployed to Iraq for 11 months. Can she file an amended return and have the entire balance of her repayment […]

EIC Credit and Nonresidents

[Note: This answer is totally incorrect. See the comments below the answer.] Today TaxMama® hears from Reginald in the TaxQuips Forum who has this question.  “Is the Earned Income Credit available to a US citizen couple, married filing a joint return, who live out of the country? They do have qualifying children. The only reference […]

Adoption

Today TaxMama® hears from Hilde in the TaxQuips Forum with this question. “My son and daughter-in-law just adopted a special needs child from China. We know that there was a tax credit avail last year. Is there a tax credit for 2012? If yes, how much is the credit for? Some of the expenses were […]

Get All the Paperwork

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 […]

IRS Releases Guidance on How to Claim Expanded Veterans Tax Credit

WASHINGTON — The IRS today released the guidance and forms that employers can use to claim the newly-expanded tax credit for hiring veterans. The IRS also announced that employers will have more time to file the required certification form for employees hired on or after November 22, 2011, and before May 22, 2012. The VOW […]

IRS Reminds Parents of Ten Tax Benefits

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.