Category Archives: Tax Credits

Holiday Gifts with Tax Benefits

Holiday Gifts with Tax Benefits Come in Many Forms, Shapes and Sizes

Some holiday gifts you provide to members of your family, employees and others may also yield tax benefits. Here are some examples:  Continue reading

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Earned Income Tax Credit: One Way to Save Money on the Schedule C

Are you looking for a way to save money? The Earned Income Tax Credit on your Schedule C helps low income workers.

There are millions of unincorporated businesses across the US. Many of these unincorporated business owners file a Schedule C on their personal tax return rather than a separate corporate tax return. There are benefits to keeping their tax filing requirements simple but there is also a near certainty that if you have a small business and you also are eligible for the Earned Income Tax Credit or Earned Income Credit (EITC), you will be audited. Here’s why. Continue reading

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Childcare Providers Enjoy Special Tax Deductions

Childcare providers, did you know that the tax law provides you with special tax breaks. Daycare tax breaks are not limited to childcare providers only. They also include those who care for the disabled and eldercare providers as well. These daycare tax breaks include deductions for travel, capital purchases, supplies, children’s meals and the business use of your home. Continue reading

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IRS Takes Action on Tax Credits

Why does the IRS need to take action on tax credits?

The IRS takes action on tax credits for the 2016 tax returns during the 2017 tax season for a good reason. Tax credits and tax fraud costs the government billions of tax dollars a year. The IRS is clamping down on tax credits due to these costs. In an effort to rein in tax fraud, some new laws took effect in 2016. These laws clamp down on individuals who file a fraudulent claim on the American Opportunity Tax Credit (AOTC), the Child Tax Credit (CTC), or the Earned Income Tax Credit (EITC).

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Year-End Tax Strategy: Do You Have One?

Year-End is Just Around the Corner, Do You Have a Year-End Tax Strategy?

Do you have a year-end tax strategy? Year-end and the holidays are just around the corner. It is time to think about what you can do at the last-minute to improve your tax situation. Year-end tax planning is probably something you will want to deal with before the holiday season crush. Here are some tax tips and a year-end tax strategy to help you. Continue reading

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Electric Vehicle Credit

Most people are not aware of the Electric Vehicle Credit. Are you considering the purchase of a new car or light truck, less than 14,000 pounds? Maybe you should consider an electric vehicle for sale. If you do, you may be able to take advantage of a federal income tax credit worth as much as Continue reading

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No Tax Return Filed? Oh Oh!

You did not file your tax return you say? No tax return filed in years? You are not alone. There are millions of individuals who do not file a tax return each year. Many of them don’t simply because their income is below the filing threshold levels for the year based upon their filing status.

Still others simply procrastinate. They risk giving up their refunds and credits. These credits include earned income tax credits, child tax credits, tuition credits and excess withholding. Mind you, these credits and refunds belong to them. Continue reading

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Vacation Rental Tax Rule Exceptions

Do you own a vacation rental? Do you use a rental agent or online rental service?  Do you rent out a first or second home for extra income? Websites, such as Airbnb, VRBO and HomeAway match property owners with prospective renters; however, there are some special tax rules may apply to you.

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Summer Vacation, Who Cares for the Kids?

Summer vacation is here! There is a tax break that working parents should know about. Many working parents must arrange for care of their children under 13 years of age during the school vacation periods. If the child is handicapped, then it is for any age. A popular solution that comes with a tax benefit is a day camp program. The cost of day camp can count as an expense toward the child and dependent care credit. But be careful, expenses for overnight camps do not qualify. Continue reading

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Are Solar Panels Tax Credits Real?

Free solar panels, the TV ads say. Earn solar panels tax credits from the IRS, they tell you! When you see these ads that allow you to generate your own home solar power, are you impressed? Is Uncle Sam going to pick up 30% of your cost, like they promise? Is it true you only have to come up with the other 70%? Well, that is not necessarily the whole picture. Continue reading

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