Credits and Deductions | The TurboTax Blog

Tax Refunds

Unclaimed Tax Refunds – What They Are and How to Get Them Back

October 11, 2011 November 30, 2011

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...

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Education

Tax Considerations for College Students

September 9, 2011 February 15, 2012 / Philip Taylor

Back-to-school: Find out how you can benefit from the American Opportunity Credit, the Lifetime Learning Credit, Tuition and Fees Deduction, and 529 Savings Plans.

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Tax Deductions and Credits

Writing Off Your Summer: Preparing For Next Tax Season

August 25, 2011 November 30, 2011

What are six tax deductions or tax credits you may be able to take?

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Home

Residential Energy Tax Credit 2011: You May Not Receive As Much Green As You Think!

August 17, 2011 December 5, 2011 / TurboTaxLisa

The 2011 Residential Energy Tax Credit, the credit for energy-saving home improvements was decreased effective January 1, 2011. Find out how the changes affect your taxes.

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Family

Can You Claim Your Elderly Parents on Your Taxes?

July 20, 2011 June 12, 2019 / TurboTaxBlogTeam

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.

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Home

Summer Home Improvement Projects That Pay You Back

June 23, 2011 September 7, 2017 / Ginita Wall, CPA, CFP®

In the summer, many take on home improvement projects. Here are some ways to remodel while recouping the maximum that you can in tax credits and deductions.

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Tax Tips

How to Get a Tax Break for Summer Child Care

April 15, 2011 June 12, 2019 / Ginita Wall, CPA, CFP®

Even though the tax day is still on it’s way, it is never too early to begin planning out your summer vacation! Easy if you are a kid, that is. Summer child care can get expensive. Fortunately, Uncle Sam is there to help, through flexible spending accounts and dependent care credits.

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Tax Tips

What is the Making Work Pay Credit?

March 23, 2011 September 7, 2017 / TurboTaxBlogTeam

The Making Work Pay tax Credit was a fully refundable tax credit built into President Obama’s stimulus package for 2009 and 2010. The Making Work Pay Credit was actually “earned” by you in the form of lower tax withholding through your employer throughout last year.

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Tax Tips

When Work Pays Twice – Schedule M and the Making Work Pay Credit

March 9, 2011 September 7, 2017

Let’s walk through some common questions we’re seeing about Schedule M and the Making Work Pay Credit.

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Taxes 101

What is the Gift Tax?

March 1, 2011 September 8, 2017

Did you know that the government imposes a tax on large gifts? This may come as a surprise to some. After all, you’re simply giving money away, usually to family, only to find out the government wants to tax you for doing so. You’re probably thinking that isn’t fair, but the tax was created to close a bit of a loophole.

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