The Federal Tax Credits Blog

Posts Tagged ‘irs tax credit’

Question: What’s your opinion about Late tax law changing?

Americans who Claim Tax Credits for child care expenses, college costs or home energy updates may have to wait a while for their refund checks from the IRS this year.

What do you think about this?

Answer: There were five tax five forms delayed by recent legislation pertaining to the Alternative Minimum Tax (AMT).

But, that “wait a while” date has already passed. Those taxpayers who were impacted can now file their taxes — effective 11 Feb. There is no more problem.

Local News

WHEELING – U.S. Senate candidate John Raese believes the state and the nation can’t afford two more years of “unchecked power” in the hands of President Obama, House Speaker Nancy Pelosi and Senate Majority Leader Harry Reid.

Tax Tips: Time Is Running Out – Three Deadlines

Question: Can I claim a IRS deduction for costs associated with getting an RN license back after it had been lapsed?

I am looking for correct information as I have spent more than $1,300 to get my RN license back from a lapsed status to an active status. I had to take an RN Refresher course that included 10 credit hours at a local community college plus work in a hospital for 90 hours without pay. This is for tax year 2007.

Answer: I believe you may deduct all of the costs you have mentioned.
In addition, I would come up with a value for those 90 hours and deduct those as well.
The IRS is fairly liberal with the deductions it allows in connection with legitimate costs related to employment. In your case, this would also include things like shoes, uniforms, magazine subscriptions, professional association fees, charges for seminars or continuing education requirements. You might also qualify for upgrading your status, i.e. going from general RN to surgical or other specialty.

Letters to the Editor: Sept. 6, 2010

Here are letters to the editor from recent editions of the Daily News.

Recovery: Time Is Run Out – December 2009

Question: If I’m planning to buy a car next week and my credit report lists a tax lien that isn’t mine, should I wait?

It’s my father’s. We share the same name. The IRS verified that it does not belong to me and said they would remove the lien. My question is, should I wait until they remove the lien ($22,500)? It’s from 2002. Will it drastically affect my credit score and chance to finance a car? Right now my credit score is 565. How long will it take before my credit score improves and by how much?

Thank you in advance.

Answer: Unless you’re paying with cash and no payments, yes you should wait. A negative aspect on your credit report reduce your score which in turn will raise your interest rate. Call the credit bureau and have it removed, unfortunately it may take some time to clear.

Some Summertime Projects Pay Off in Spring Tax Green

KANSAS CITY, MO–(Marketwire – 08/31/10) – Time is running out to complete summertime projects eligible for one of the home energy efficiency tax credits . Open the door to energy-saving upgrades The nonbusiness energy property credit expires Dec. 31 and is for 30 percent ($1,500 total maximum for 2009 and 2010) of the cost of certain energy-saving upgrades. This includes external windows and …

Community Tax Center 2008 IRS stimulus Package Day 03.28.200

Paying Too Much for Health Coverage

A state review has discovered that Ohio was paying health care costs for 5,687 dependents of state employees who didn’t qualify for coverage.

30 Little Known Facts about America

Question: Changing Filing Status for Tax Amendment Form?

Hello. I am filing a tax amendment form to include the Lifetime Learner credits for previous years and to adjust my income. I’m also contemplating changing my filing status from dependent to single. If I do this, will my mom (she used me as her dependent while I was in school) owe the IRS back the money that they gave her as a refund? Thanks in advance.
Thank you all so much! I appreciate it!

Answer: you can’t change your status from a dependent of your mother unless she also amends her return,
you both can’t claim your personal exemption, and yes, she will have to pay back
of course, you can amend to include any credits that were first omitted

Consuming Interests: Tax pro answers homebuyer credit questions

Give a round of applause to Michael Agetstein, chair of the tax department for the Maryland accounting firm, KatzAbosch. He has tackled some difficult questions from our readers on the homebuyer credit.

IRS Commercials: How to efile with Free File- February 2010