TaxAudit Blog

Tag: tax credit

Tax Deduction written on a sticky-note

Tax deductions and credits serve the same purpose − to reduce the amount of a taxpayer's tax owed. The way that each serves this purpose is different.

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Tax Credits

Non-refundable credits can reduce your tax liability to zero. Refundable credits can give you money back if the amount of the credit is more than you owe.

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Calculator and pen on top of 1040 tax forms

My wife made a $5,000 contribution to her IRA in last year. Through using TurboTax, we learned that we don't have the earned income to support a deduction...

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woman on the phone holding baby

I am a policy and procedure writer for a company. Due to my long commute, my boss lets me work from home one day a week. Can I write off my home office?

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books, diploma, and graduation hat

If you have started a family, you know there are many things to take into consideration, including planning for your child’s education. 

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houses

We had solar put on our house this year. Is it tax deductible? A tax credit is available for qualified solar electric property costs and qualified solar water..

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Student desk with books and apple on it

I have a daughter who is eligible for the American Opportunity Tax Credit of $2,500.00. Can she also use the Lifetime Educational Tax Credit of $4,000.00?

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stacked books, diploma, and graduation hat

We adopted our grandson three years ago - he is now a freshman in high school. When he goes to college, will his tuition be tax deductible? 

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Handcuffs laying on a 1040 form

We took out a home equity loan to redo our basement. The contractor did not perform the work as agreed and what was performed had to be torn out...

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The Capital

Some of the more popular tax breaks the bill would have extended are the tuition and fees deduction; the state and local sales tax deduction...

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Woman until holding up key by model of house

I have a good friend who owns two rental homes here in California. The tales he tells regarding these “assets” are not for the faint of heart.

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church

Is there a tax benefit to making a charitable contribution to my church directly from my IRA rather than writing a check and deducting it from my tax return? 

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Piggy bank with handcuffs hanging on it

Continuing on with Scams 8-12, let’s look at the third set of scams in The Dirty Dozen. False Income, Expenses or Exemptions: Another set of scams...

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Tax Day and April 15th stamps by stack of papers

The April 15th deadline is approaching. Taxpayers are most likely to make errors on returns when they are rushing to finish their returns before the deadline.

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Hand holding stack of 100 dollar bills giving it to another hand

In order to qualify for an Earned Income Tax Credit (EITC) of up to $6,044, you must first meet these two qualifications: You must have earned income...

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