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IRS.gov
- Oct 18, 2016
- 1 min
Adoption Credit
If you pay for adoption expenses, you may be able to take a credit for qualified adoption expenses of up to $13,400 per child. If your modified adjusted gross income is $241,009 or more, you do not qualify for the credit. The credit is one of the nonrefundable personal credits and allows taxpayers to carry over any unused credits for up to five years. Returns with the adoption credit can be e-filed. #adoption #credit
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IRS.gov
- Oct 7, 2016
- 2 min
Important News: Some 2016 refunds won’t be released until after February 15.
One of the biggest changes for taxpayers claiming the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) on federal tax returns for tax year 2016, is that any credit or refund will not be released until on or after February 15. This is just one of many changes made under the Protecting Americans from Tax Hikes (PATH) Act of 2015, enacted December 18.
Individual taxpayers claiming EITC or ACTC need to know: Section 201 of the PATH Act mandates that, “[n]o
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IRS.gov
- Sep 26, 2016
- 4 min
Reminder for Parents and Students: Check Out College Tax Credits for 2016 and Years Ahead
WASHINGTON ― With another school year now in full swing, the Internal Revenue Service today reminded parents and students that now is a good time to see if they qualify for either of two college tax credits or other education-related tax benefits when they file their 2016 federal income tax returns next year. In general, the American Opportunity Tax Credit or Lifetime Learning Credit is available to taxpayers who pay qualifying expenses for an eligible student. Eligible stude
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