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Tax tips, help, advice, and information on commonly overlooked credits and deductions. |
Foreign Earned Income Exclusion |
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21 December 2009 |
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If you are living and working abroad you may be entitled to the Foreign Earned Income Exclusion. Here are some important facts about the exclusion:
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14 December 2009 |
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The Retirement Savings Contribution Credit, known as the Saver's Credit, allows you to get an income tax credit for up to half of what you contribute to your IRA or other qualified retirement plan. The maximum saver's credit is $1,000 ($2,000 for married couples), the IRS cautioned that it is often much less and, due in part to the impact of other deductions and credits, may, in fact, be zero for some taxpayers.
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14 December 2009 |
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The Earned Income Credit (EIC) is designed to help low-income workers continue working by reducing their federal income tax liability. As long as your income is below specified amounts and you meet certain other tests, you may qualify for this credit. Plus, the EIC is a refundable credit, meaning that once your tax gets down to $0, the rest of the tax credit is refunded to you. For 2009, that means you could get up to an extra $457 if you don't have any qualifying children, $3,043 if you have 1 qualifying child, $5,028 if you have 2 qualifying children, or $5,657 for 3 or more qualifying children - just for filing a tax return.
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Plug-in Electric Vehicle Credit |
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10 November 2009 |
You may be able to claim one of three credits on your Federal tax return for plug-in electric vehicles manufactured primarily for use on public streets, roads, and highways. Vehicles manufactured for use on a golf course do not qualify.
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27 October 2009 |
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A Health Savings Account (HSA) is a savings account used to pay for out-of-pocket medical expenses. Contributions to your HSA are either tax-deductible (similar to deductible IRA contributions) or a pre-tax deduction if the HSA is offered through an employer's benefit plan (similar to 401(k) contributions).
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27 October 2009 |
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You can deduct your contributions to charitable (non-profit) organizations only if you itemize deductions on your Federal income tax return. Not every non-profit organization is a tax-qualified charitable organization. Be sure to ask the organization whether your contribution is tax-deductible, or check with the IRS.
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