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Personal Finance
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There are a number of tax credits that are available to individual taxpayers and small businesses. Unlike tax deductions which reduce your taxable income, tax credits reduce the actual tax dollar for dollar. This section includes the more commonly available tax credits.
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- Home Energy Credits
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Tax Credit for Residential Energy Improvements - A reduced credit for home energy-savings improvements is available for 2011. The credit generally equals 10% of a homeowner’s cost of eligible energy-saving improvements, up to a maximum lifetime tax credit of $500. The cost of certain high-efficiency heating and air conditioning systems, water heaters and stoves that burn biomass all qualify, along with labor costs for installing these items. In addition, the cost of energy-efficient windows and skylights, energy-efficient doors, qualifying insulation and certain roofs also qualify for the credit, though the cost of installing these items do not count.
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- Making Work Pay Credit
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“Making Work Pay” credit provides a refundable credit of 6.2% of a taxpayer’s earned income not to exceed $400 for individuals and $800 for joint filing couples and applies only to 2009 and 2010.
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- The Earned Income Credit
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The EITC is for people who work, but have lower incomes. If you qualify, it could be worth up to over $5,700 for 2011. So, you could pay less federal tax or even get a refund. The credit is a refundable credit, so you can receive the benefits of the credit even if you may not owe any taxes. That’s money you can use to make a difference in your life.
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