Tax Credits

Latest Tax Credit Articles

• New tax exemption amounts for 2016 tax returns

  Exemptions are like deductions. You can claim $4,050 each for yourself and family members.

  1 min read Jan 09, 2017

  

• Work Opportunity Tax Credit: What it is and how it helps veterans and employers

  The Work Opportunity Tax Credit helps veterans and certain other workers land jobs.

  5 min read Aug 08, 2016

  

• Residential energy-efficient property credit: Does building green garage qualify?

  The garage construction doesn’t qualify for the energy tax credit, but these things do.

  2 min read Aug 02, 2016

  

• Tax rules on renting your vacation home

  Want to put your vacation home to work? Rent it. Just make sure you follow the IRS rules.

  5 min read Jul 27, 2016

  

• Avoid capital gains tax on rental property by moving profits into kids’ college fund?

  You can’t avoid tax on the rental property sale, but other tax benefits may even things out.

  2 min read Jul 12, 2016

  

• Get a break now from the IRS for saving for retirement

  For lower-income filers, money put away for retirement could cut today’s tax bill.

  4 min read Mar 31, 2016

  

• Qualifications for earned income credit: Low-income worker loses job, needs a break

  The Earned Income Tax Credit can get you more money than you paid all year.

  2 min read Mar 15, 2016

  

• Your foreign stepchildren may be qualifying relatives for tax purposes

  You may be able to claim exemptions for your stepchildren from Mexico. Here’s how.

  3 min read Mar 01, 2016

  

• Can I defer passive activity loss to next year if earnings are too high?

  You can only deduct real estate losses to offset gains, but there are a couple of exceptions.

  2 min read Feb 16, 2016

  

• Cancellation of debt provides tax relief for homeowner’s short sale

  You have to meet certain conditions to get a break from the IRS on a short sale.

  2 min read Feb 09, 2016