Archive for January, 2010

Home Buyers’ Credit

Saturday, January 30th, 2010

First time home buyers can receive up to an $8,000 tax credit for homes bought after 2008.  You can also claim the credit for a home you purchase before May 1, 2010 on your 2009 return. 
Long-term home owners may be eligible for a credit of up to $6,500, if you purchase a new residence between [...]

Sales Tax Deduction

Friday, January 22nd, 2010

If you purchased a new car after February 16, 2009, you may be able to deduct your sales tax even if you are not eligible to itemize.

Education Credit

Thursday, January 21st, 2010

The Hope Education credit has been increased to $2,500.

Home Energy Credits

Tuesday, January 19th, 2010

There are now two energy credits available for your home.  Each can be worth up to $1,500.  The ‘Nonbusiness Energy Credit’ applies to energy improvements you make to your home for certain high-efficiency heating and air systems, water heaters and stoves.  The credit is for 30% of the cost and will apply to purchases made [...]

Unemployment Benefits

Tuesday, January 19th, 2010

The first $2,400 in federal or state unemployment benefits will not be taxed in 2009.

Cash for Clunkers

Friday, January 8th, 2010

The money or vouchers you received for the Cash For Clunkers program is not taxable for federal income tax purposes.

Government Retiree Credit

Thursday, January 7th, 2010

You may be eligible for a $250 credit ($500 if married filing jointly) if you received retirement benefits from a U.S. or state or local government agency and the service was not covered by social security.  You are not eligible for this credit if you received the Economic Recovery Payment through your Social Security, Railroad [...]

Making Work Pay Credit

Wednesday, January 6th, 2010

You may be eligible for a $400 credit ($800 if married filing jointly) if you had earned income as an employee.  Your credit will be reduced if your Adjusted Gross Income is over $75,000 ($150,000 if married filing jointly) or if you take the government retiree credit or if you received the $250 Economic [...]