Tax Coach

This year taxpayers have received the highest income tax returns EVER! Here are some of the reasons why:

Earned Income Credit for 2010:

$457 with no qualifying kids - income must not be higher than $13,440

($18,440 if married filing joint.)

$3043 with one qualifying child - income must not be higher than $35,463

($40,463 if married filing joint.)

$5028 with two qualifying kids - income must not be higher than $40,295

($45,295 if married filing joint.)

$5657 with three or more qualifying kids - income must not be higher than $43,279

($48,279 if married filing joint.)

Charitable Contributions:

Any contributions donated to Haiti whether by text, cash or check can be written off this tax year or next tax year. Non-cash donations that were given to an organization and not to a specific family can also be written off this year or next year.

Tuition & Fees:

Anyone who attended school in 2009 can deduct the cost of tuition and fees. The credit is limited to $4000.

Homebuyer Credit:

The homebuyer credit has been extended until the end of this tax season. Anyone purchasing a home for the first time or someone who has not owned a home in the last three years qualifies for the $8000.00 credit. (Cash)

Anyone who has occupied their present home for 5 consecutive years and purchase another home (primary residence) will qualify for $6,500.00. This is also a Cash credit.

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