Credits and Deductions | The TurboTax Blog

Tax Planning

2012 Tax Benefits and Inflation Adjustments

July 23, 2012 September 7, 2017

Each year many tax benefits increase due to inflation adjustments. JoeTaxpayer tells us more about these adjustments for 2012.

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Tax Deductions and Credits

Making Work Pay Credit – What Is It and Can I Use It?

April 16, 2012 September 8, 2017 / Elle Martinez

A popular tax credit people once had the last couple of tax seasons was the Making Work Pay Credit. Many taxpayers are asking if it has been extended or whether it’ll return, but to date it is no longer available as it expired December 31, 2010. The Making Work Pay Tax Credit was replaced by the Payroll Tax Holiday and will not impact your tax return.

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Tax Deductions and Credits

The Retirement Saver’s Credit

April 15, 2012

The Retirement Savers Credit is a tax incentive to save for retirement. In exchange for you putting money in a qualified retirement account such as a 401(k), IRA, Roth IRA, or 403(b), the government reduces your taxes. Find out more.

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Family

New Baby? New Tax Deductions!

February 17, 2012 June 10, 2019 / asbbaines

Did you have a baby? Along with the new bundle of joy here are some tax benefits you should know about.

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Tax Deductions and Credits

TurboTax Answers Your Most Common Tax Questions

February 15, 2012 / TurboTaxBlogTeam

Tax season is here and with every tax season comes a lot of great tax questions. Here the most common topics from job seekers, parents, baby boomers, and homebuyers this tax season.

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Home

Repaying the First-Time Homebuyer Tax Credit

February 15, 2012 September 7, 2017 / Ginita Wall, CPA, CFP®

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.

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Tax Deductions and Credits

What is the Earned Income Tax Credit?

January 30, 2012 September 7, 2017

The earned income tax credit (EITC) provides additional funds to people who, despite working, receive low to moderate incomes. Let’s get right to simplifying it for you here.

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Deductions and Credits

Tax Credits Available at Tax Time

December 27, 2011 July 24, 2019

Both deductions and credits reduce how much tax you pay, but how both impact your taxes is quite different. Find out how they are different and find out about the different tax credits available at tax time.

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Deductions and Credits

A Guide to Child Tax Benefits

December 13, 2011 September 7, 2017

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.

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Tax Planning