Get ready for the next tax season by knowing what home improvements you can make to qualify for energy tax credits.
Home improvements are more affordable and beneficial for you if you go with ones that fall under the Non-business energy property credit and the residential energy efficient property credit. So, let’s jump in and get started.
Qualified energy efficiency improvements – Insulation, exterior windows, storm windows/doors, metal, and certain asphalt roofs
Residential energy property expenditures – electric heat pumps, central air conditioning, natural gas/propane/hot water boilers, natural gas/propane/oil furnaces, advanced main air circulating fan used in natural gas/propane/oil furnaces, and biomass fuel stoves.
Do you have children or any other dependents in your household? Then the chances are you’ll be eligible to claim the Child Tax Credit.
For the new tax year, this credit is worth up to $2,000. If you qualify, it will reduce your overall income tax bill due to the Federal government.
You may have already claimed this credit in the past, but for this year, there are some major changes as a result of the tax overhaul initiated at the end of 2017 by the Trump administration.… Read the rest
Millions of Americans don’t care when the tax season begins or ends because they don’t have to file taxes. If you are someone who has little to no income, you’re under no obligation to file a Federal tax return.
On the other hand, you can still file your taxes if you want to. There’s nothing illegal about filing a Federal tax return displaying zero income. In some cases, this is a smart idea.
The Child and Dependent Care Tax Credit is designed to help hard-working parents and guardians to work and look for work as they care for a child or dependent. It also covers those who are caring for disabled children and adults.
How Much Will I Get Back for Childcare Tax Credit?
Depending on several factors, the childcare tax credit can be worth anything from 20% to 35% of your total care expenses.
Your income is the primary factor in deciding how much of your care expenses you can claim back.… Read the rest