Under 2008 legislation designed to stimulate the housing market, first-time homebuyers could claim a tax credit of up to $7,500, however beginning in 2010 taxpayers were required to pay the credit back. Find out more here.
The Child Tax Credit was extended until 2012 and you may be able to reduce your federal income tax by up to $1,000 for each qualifying child. Check out our Child Tax Benefit Infographic to see if you qualify for this and other tax deductions and credits.
Did you know that every year there is upwards of a billion dollars in unclaimed federal tax refunds? It may come as a surprise that so many people are leaving their money on the table, but it’s true, and it...
The Internal Revenue Service (IRS) allows you to claim your elderly parent as a dependent on a tax return as long as no one else does. If you choose to claim an exemption for your parent, you must also ensure that you are not an eligible dependent to another taxpayer. This restriction is effective even if the taxpayer who can claim you as a dependent chooses not to.