Taxation & Estate Planning

Are there any Tax Credits out there for you?

By Deirdre Wheatley-Liss

Middle-class taxpayers often ask the question - is there any tax benefit out there for me ... ever? Well, the White House has created a Tax Savings Tool on its website as a way to make sure you are getting all the tax benefits you are entitled to.  The tool not only asks you questions to see if you qualify for a credit, such as "Did you make improvements to your home last year that make it more energy efficient?" but it also explains how the credit works so that you might be able to take advantage of it next year.

The tool describes itself as:

Did you know that there are more than a dozen Recovery Act tax cuts working families can take advantage of this tax season? For some taxpayers, this could mean thousands of dollars in tax savings.

This tool is intended to be educational. Taxpayers should not rely on it for determinations about their eligibility for tax benefits, but should consult the relevant IRS forms and instructions or a qualified tax professional. The tool provides links to relevant irs.gov and other government resources to help taxpayers learn more about the benefits for which they may be eligible.

I learned this from Greg Herman-Giddens at North Carolina Estate Planning Blog.

Full post as published by New Jersey Estate & Elder Planning Blog on March 25, 2010 (boomark / email).