Category Archives: Tax Credits

Investment Income and EITC

The EITC is meant to help taxpayers of modest means support themselves. There are certain limits on the amount of un-earned income or investment income that a taxpayer may have to claim the EITC. Investment Income and EITC Income from investments, whether it is dividends, rental properties or inheritance, disqualify you from the EITC if… Read More »

Home Energy Credit For 2014 Taxes

You may be able to reduce your taxes if you made certain energy-efficient home improvements last year. Here are some key facts that you should know about home energy tax credits. There is one energy tax credit available for Tax Year 2014, which is called the Residential Energy Efficient Property Credit. The Nonbusiness Energy Property Credit expired on December… Read More »

March 31 Health Insurance Deadline and Taxes

For most people, the Affordable Health Care Act does not affect income tax returns for 2013 that they are filing in 2014. However, some people may have to make important decisions for the March 31, 2015. The deadline for open enrollment. This could affect a penalty that they file on their 2014 tax returns if… Read More »

HCA Health Insurance Premium Tax Credit

The Health Insurance Premium Tax Credit can help purchase health insurance coverage more affordable for people with moderate incomes. To be eligible for the health insurance tax credit, generally must meet three rules. First, you need to get your health insurance coverage through the Health Insurance Market. The open period for the purchase of health insurance coverage by… Read More »

Tax Credit For Health Insurance Premiums

What kind of tax credit do you get for health insurance premiums? From 2014, if you obtain health insurance coverage through the Health Insurance Market, you may be eligible for the premium tax credit. This tax credit can help purchase health insurance coverage more affordable for people with moderate incomes. The open enrollment period to buy health… Read More »

College Education Credits and 529 Plans Qualified Tuition Programs

Can you use a qualified tuition program (529 Plan) and claim education tax credits? States sponsor 529 plans — qualified tuition programs authorized under section 529 of the Internal Revenue Code — that allow taxpayers to either prepay or contribute to an account for paying a student’s qualified higher education expenses. 529 plan distributions are tax-free… Read More »

Form 1099-A, Acquisition or abandonment of secured property

Form 1099-A, Acquisition or Abandonment of Secured Property (Acquisition or abandonment of secured property), and Form 1099-C, Cancellation of Debt (debt cancellation) If you get a loan from a lender to purchase a property, the lender may require that the loan is guaranteed with the acquired property. If you transfer an interest in the secured property to the lender (as… Read More »