Credits and Deductions | The TurboTax Blog

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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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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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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Tax Deductions and Credits

What are Tax Credits?

December 29, 2010 November 7, 2012 / Elle Martinez

Learning more about tax credits and how they affect you can be a big help when you files your taxes. You can find ways to legally lower your tax obligations and, in some cases, get a refund with them. That means you’ll have more money in your pocket that you can use to reach your financial and/or personal goals.

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Tax Tips

Taxes 101: Make Work Pay

February 24, 2010 September 8, 2017

One provision of the American Recovery and Reinvestment Act of 2009 was a tax credit that came to be called Making Work Pay. As the name of this credit implies, it is only for those with earned income.

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