by Renu Vardhan | Dec 17, 2014 | Tax Administration, Tax Changes, Tax Credits and Deductions
Senate approves the bill, which extends the a number of tax breaks that were to expire in 2013 through 2014, The bill passed the Senate 76 to 16. To know the details of the tax extenders, visit...
by Renu Vardhan | Aug 6, 2010 | 2010 Credits/Deductions, Health Insurance, Tax Changes, Tax Credits and Deductions
Employer-Provided Health Coverage — Not TaxableStarting in tax year 2011, the Affordable Care Act requires employers to report the value of the health insurance coverage they provide employees on each employee’s annual Form W-2. This reporting is for...
by Renu Vardhan | Aug 3, 2010 | Efile, Homebuyer Credit, t, Tax Administration, Tax Credits and Deductions
If you forgot to include some income or to take a deduction or to claim a credit(including the first time homebuyer or repeat homebuyer credit) on your tax return – you can correct it by amending your tax return. Generally, to claim a refund, you must file Form 1040X...
by Renu Vardhan | Aug 3, 2010 | 2010 Credits/Deductions, Homebuyer Credit, Tax Credits and Deductions
Eligible taxpayers who contracted to buy a home, qualifying for the first-time homebuyer credit, before the end of April now have until Sept. 30, 2010 to close the deal.The Homebuyer Assistance and Improvement Act of 2010, signed by the President, extended the closing...
by Renu Vardhan | Jul 21, 2010 | 2010 Credits/Deductions, Tax Credits and Deductions
Small businesses can avail of the health care tax credit beginning 2010.Eligibility.To be eligible for the tax credit-• A qualifying employer must cover at least 50 percent of the cost of health care coverage for some of its workers based on the single rate.• A...
by Renu Vardhan | Jan 26, 2010 | Education Credit, Tax Credits and Deductions
The American Recovery and Reinvestment Act (ARRA) allows for the American Opportunity Credit, to pay for college expenses.The American Opportunity Credit modifies the existing Hope Credit for tax years 2009 and 2010, making the Hope Credit available to a broader range...