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Tax Saving Tips

 
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Category : > Income Tax Filing Across The USA
Posted On : Fri Nov 26th,2010

 
Tax Saving Tips
 

TAX SAVING CREDIT

Child Care Credit
The Child Care Credit is given to a taxpayer who incurs child or dependent care expenses which enable the taxpayer to work. This credit is non-refundable, but can be for an amount as high as $xxxx.xx.

Educators Expense Credit
Professional K-12 educators can claim the Educators' Credit for out of pocket school related expenses. This credit is refundable and has no maximum income restrictions, but the maximum credit is only $
xxx.

Foreign Tax Credit
The Foreign Tax Credit reduces US taxes by the amount of foreign taxes paid. This credit is non-refundable.

HOPE Education Credit
The Hope Credit is for qualified education expenses paid for the taxpayer, the taxpayer's spouse, and for dependents. This credit is non-refundable and can be for as much as $
xxxx per child.

Lifetime Learning Education Credit
The Lifetime Learning Credit is for qualified education expenses paid for the taxpayer, the taxpayer's spouse, and for dependents. This credit is non-refundable and can be for as much as $
xxxx per year.

Child Credit
Each qualifying child enables the taxpayer to claim the Child Tax Credit . This credit is partially refundable and is for an amount of $
xxxx per child.

Earned Income Credit
Certain taxpayers whose income falls within specific limits can be eligible to claim the Earned Income Credit. This credit is fully refundable and can be for as much as $
xxxx.

Retirement Saver's Credit
The Retirement Saver's Credit encourages retirement savings by allowing a credit based upon a percentage
of amounts contributed to an IRA or retirement plan. This credit is non-refundable, but can be for an amount as high as $xxxx
SONAL RESIDENCE TAX TIPS

  • A tax-free gain of up to $250,000 (single) or $500,000 (married filing jointly) can be made on the sale of a primary residence.
  • To qualify for the tax-free gain the owner of the property must live in the property for two out of the last five years.
  • Where the "two out of five" criteria has not been met, a modified exclusion may still be taken under certain circumstances.
  • The number of times a taxpayer can take advantage of this tax break is unlimited.
    A first-time home-buyer can use up to $10,000 from a Roth or regular IRA without paying the early withdrawal penalty.
  • Interest on a home mortgage loan of up to $1,000,000 and interest on a home equity loan of up to $100,000 is tax deductible.
  • Interest expense on a loan taken out for the construction of a new home can be deducted for the first 24 months of construction.
  • Mortgage interest can be deducted on a second residence in addition to the taxpayer's primary residence.
  • Recreational vehicles and boats can be considered a residence (or second residence) as long as they have cooking, toilet, and sleeping facilities.
  • Property tax is a deductible expense for any real estate.
  


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