Blog & Newsroom

The IRS is alerting about 4 million small business owners of the availability of a new tax credit this year. If you are an “eligible small employer” and pay more than 50% of the cost of health coverage for staff, you may qualify for a tax credit of up to 35% of what you pay.

L. 2010, S155, effective for taxable years beginning on or after January 1, 2010, instructs the Tax Commissioner to permit individual taxpayers to have refunds of overpaid taxes deposited directly into a checking account or pre-existing college savings plan or program account offered by the Ohio tuition trust authority.

The Child and Dependent Care Credit is available for expenses incurred during summer and throughout the rest of the year. Some facts about a tax credit available for child care expenses:

On June 30, Congress passed H.R. 5623, the Homebuyer Assistance Improvement Act of 2010, which provides first-time homebuyer credit relief to taxpayers who could not meet thea June 30 closing date.

There is still time left to take advantage of the American Opportunity Tax Credit, a credit that will help many parents and college students offset the cost of college. This tax credit is part of the American Recovery and Reinvestment Act of 2009 and is available through December 31, 2010. It can be claimed by eligible taxpayers for college expenses paid in 2009 and 2010.

If you have a special need child, maximizing tax benefits is essential. This guide provides a quick summary of some of the available tax benefits. A good tax advisor can help you maximize the benefits available to you.

Sequestration, a series of across-the-board cuts totaling $1.2 trillion over 10 years to government agencies, may potentially affect many tax credits in part of the government’s attempts to get a handle on the growing national debt.

The American Opportunity Credit and the Lifetime Learning Credit are two federal tax credits available to help offset the costs of higher education. To qualify for either credit, you must pay postsecondary tuition and fees for yourself, your spouse or your dependent. The credit may be claimed by the parent or the student, but not by both. If the student was claimed as a dependent, the student cannot file for the credit.

If you purchased a home in 2010, you may be eligible to claim the First-Time Homebuyer Credit, whether you are a first-time homebuyer or a long-time resident purchasing a new home. The purchaser must have been at least 18 years old on the date of purchase; for a married couple, only one spouse must meet this age requirement. A dependent is not eligible to claim the credit.

Millions of students have either started or returned to college this fall. With the ever-increasing costs of a higher education, it’s important that higher-income families try to develop an effective tax-planning strategy to combat some of these increased costs.