There are various tax credits that are worth knowing about, and if you claim one and are eligible, you can receive a refund even after you have your tax liability lowered to zero.
When preparing your 2011 Federal income tax return, consider the following four tax credits:
If you earn less than $49,078, you can take advantage of the earned income tax credit, and the amount can be up to $5,751 depending on your age, income and number of qualifying children. Many workers are seeing this for the first time, becuase of a drop in wages or earnings. IRS publication
A dollar-for-dollar reduction of taxes owed is a tax credit. Several tax credits if you claim one and are eligible, are refundable. You can receive the remainder of it in a tax refund even though your tax liability is zero.
Here are 4 refundable tax credits you should consider on your two-thousand eleven federal income tax return to increase your refund:
1.For people earning less than forty-nine thousand and seventy-eight dollars from wages, self-employment or farming there is the Earned Income Tax Credit. Age, Income, and the amount of qualifying children decide … Read the rest
Many students are scared away from pursuing postsecondary education by the perception that they cannot afford it. It is important to know that the federal government is currently offering two different types of tax credits – The American Opportunity Credit and the Lifetime Learning Credit – that may help you to offset high education costs. Both of the available education tax credits pay for eligible expenses up to a given amount, including tuition, books and equipment or material fees.
The Lifetime Learning Credit is also good for up to $2,000 in credit each year, and covers not only degree-seeking students, … Read the rest
Welcome to the February 7, 2012 edition of Tax Carnival Ecstasy. In this issue we have an article by Gregory Stokes on not Missing The Tax Credits Income Deadline. Mark Roberts takes a look at How To Choose The Right Filing Status. Plus there’s a post on Making 401k Withdrawals by Roger White. Hope you enjoy the articles, share, bookmark, tweet, like on Facebook, and come back real soon.
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