Saver's Credit

The Saver's Credit provides a nonrefundable tax credit for retirement plan contributions made by eligible, low-income taxpayers to IRAs and qualified elective income deferral arrangements. The credit provides incentives for lower income individuals to save for their retirement through available qualified plans. To qualify, the taxpayer must have reached the age of 18 by the
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Adoption Credit

Adoptive parents may be able to claim a dollar-for-dollar tax credit up to $13,190 for 2014 (up from $12,970 in 2013) for the “qualified” expenses of adopting a child for each adopted child. That is equivalent to a deduction of over $52,750 for a taxpayer in the 25% tax bracket. If the adoption credit allowable
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Home Energy Credits

Tax Credit for Residential Energy Improvements - A reduced credit for home energy-savings improvements is available through 2013. The credit generally equals 10% of a homeowner’s cost of eligible energy-saving improvements, up to a maximum lifetime tax credit of $500. The cost of certain high-efficiency heating and air conditioning systems, water heaters, and stoves that
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Child Tax Credit

Taxpayers who have a qualified child may qualify for the child tax credit. The maximum credit amount is $1,000. Taxpayers with “earned” (not investment) income whose child credit exceeds their regular and alternative minimum taxes are eligible for a refundable credit. This credit is 15% of the taxpayer’s earned income in excess of a threshold
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Home Energy Credits

Tax Credit for Residential Energy Improvements - A reduced credit for home energy-savings improvements is available through 2013. The credit generally equals 10% of a homeowner’s cost of eligible energy-saving improvements, up to a maximum lifetime tax credit of $500. The cost of certain high-efficiency heating and air conditioning systems, water heaters, and stoves that
Read More

Home Energy Credits

Tax Credit for Residential Energy Improvements - A reduced credit for home energy-savings improvements is available through 2013. The credit generally equals 10% of a homeowner’s cost of eligible energy-saving improvements, up to a maximum lifetime tax credit of $500. The cost of certain high-efficiency heating and air conditioning systems, water heaters, and stoves that
Read More

Adoption Credit

Adoptive parents may be able to claim a dollar-for-dollar tax credit up to $13,190 for 2014 (up from $12,970 in 2013) for the “qualified” expenses of adopting a child for each adopted child. That is equivalent to a deduction of over $52,750 for a taxpayer in the 25% tax bracket. If the adoption credit allowable
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AMT Credit

The alternative minimum tax credit (AMT) is a frequently misunderstood and overlooked tax credit. Oversimplified, the AMT credit is the result of incurring an AMT in a prior year, which generates a credit that can be used to offset the excess of the taxpayer’s regular tax over the alternative minimum tax in a subsequent year,
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Saver's Credit

The Saver's Credit provides a nonrefundable tax credit for retirement plan contributions made by eligible, low-income taxpayers to IRAs and qualified elective income deferral arrangements. The credit provides incentives for lower income individuals to save for their retirement through available qualified plans. To qualify, the taxpayer must have reached the age of 18 by the
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Child & Dependent Care Credit

A nonrefundable tax credit is available to some taxpayers for the expenses incurred for the care of a child (generally under 13 years of age), disabled child, spouse, or other dependent while the taxpayer is gainfully employed, (or is job seeking). In addition, employer dependent care assistance programs allow employees to exclude from income certain
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