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Federal Tax Credit for Energy Efficient New Homes

Since 2005, the federal government has offered tax credits to homeowners who make energy-saving purchases. While these credits were reauthorized under the provisions of the 2010 Tax Relief,...

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Is Mileage Reimbursement Taxable Income?

When you are reimbursed for miles driven, the money is not taxable income provided the reason for the travel is considered qualified under Internal Revenue Service rules. The non-taxable amount is...

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Tax Benefits for Employers Who Provide Health Insurance

The federal government makes tax benefits available to help small business owners provide health care coverage to their workers. A health care tax credit lowers the cost to small employers, making it...

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If I Own a Home Can I Qualify for the First Time Home Buyer Credit?

In an effort to address the depressed housing market, Congress provided for a first-time home buyer tax credit in order to stimulate the economy. The first-time home buyer credit applies to homes...

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What Tax Relief is Available for Those Who Make $30,000 Per Year?

Two of the most valuable forms of tax relief the federal government offers to taxpayers are tax credits and exclusions. More often than not, each credit or exclusion requires you to satisfy certain...

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What is the Tax Free Earning Limit?

There is no set limit to the amount of tax-free income you can earn during the year; rather, it depends on your personal financial situation, your filing status, the number of dependents you claim and...

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Do I Have to Pay Taxes on Student Grants?

The federal government understands that students generally survive on minimal income during years they attend school. This is one of the reasons why it provides an exception to the general rule of...

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Penalty for Not Claiming Income on Taxes

The federal government imposes a tax on a majority of the income you earn during the year. The IRS uses a voluntary reporting system for collecting the tax you owe. Although the IRS receives...

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The Federal Tax Credit for Energy-Efficient Home Improvements

The federal government wants Americans to go green and periodically offers incentives for taxpayers to become more energy-efficient. One incentive that the government currently offers is a tax credit...

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IRS Energy Efficiency Tax Credit

To encourage all Americans to reduce their dependence on fossil fuels and save energy, the Internal Revenue Service has offered tax breaks to purchasers of energy-efficient home products and cars since...

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Can I Make $16,000 a Year & Not Pay Taxes?

It's very possible for you to make $16,000 per year and not have to pay a dollar of income tax on it. In fact, depending on how many deductions and exemptions you qualify to claim, you may be able to...

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Education Benefits When Filing Taxes

If you pay tuition during the year for yourself, your spouse or one of your dependents to enroll in school, then you should check out the available IRS education benefits before you finish preparing...

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What Is the Meaning of "First-Time Home Buyer"?

Homebuyers that purchased first homes toward the end of the 2000's may be eligible for a substantial tax credit. According to the Internal Revenue Service (IRS), a "first-time homebuyer tax credit" was...

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Strategies to Reduce Taxes

Governments impose taxes to raise money to fund their operations, but tax laws enable individuals to reduce the taxes they owe in a variety of ways. The Internal Revenue Service (IRS) applies different...

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Most Important Deductions to Remember When Filing Income Taxes

Depending on your filing status, you can take one of two routes in preparing your annual federal return. You may benefit from itemizing your deductions, or you might do better taking the standard...

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Drawbacks of Tax Credits

Tax credits are a way for governments to offer incentives for certain behavior by allowing taxpayers to reduce how much they owe by the value of the credit. Tax credits are available for things such as...

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How I Can Reduce My IRS Back Taxes?

If you owe back taxes to the Internal Revenue Service, you have several options. You may appeal to the IRS to reduce your tax bill. If you believe the IRS is in error, you may demand a hearing. In some...

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Ways to Lower Your Taxable Income

As April 15 rolls around each year, Americans start thinking about the tax bill they have to pay Uncle Sam. If they have not paid enough during the previous calendar year, they will have to cut a check...

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Federal Home Insulation Energy Tax Credit

If you upgrade insulation in the walls of your current home, you could qualify for a federal tax credit under the 2009 American Recovery and Reinvestment Act. The law provides incentives for people to...

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Federal Tax Credit for Energy Efficiency Heating & Cooling

If you overhaul your home's heating and cooling system, you could qualify for a federal tax credit under the American Recovery and Reinvestment Act of 2009. The law encourages people to make certain...

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