Income Tax Credits You Might Qualify For

Income Tax Credits You Might Qualify For

A number of tax credits which reduce your tax bill dollar for dollar that you might not have known about or might not have qualified for before are now worth taking a look at.

Income Tax Sappy (Photo credit: Wikipedia)

Recovery Rebate Credit

If the rebate checks that were sent out last tax season didn’t find their way to you because you made too much on your 2007 1040 tax return, you have a second opportunity to receive the credit for the 2008 tax season. Therefore, if you income has decreased for any reason during 2008, make sure to double check your qualifications this year so you can now claim the $600 per taxpayer credit.

First-Time Homeowner Credit

This is an interest free loan to anyone that purchased a house for the first time between April 9th of 2008 and June 30th of 2009. Loans are equal to 10% of the value of the home or a maximum of $7,500. You’ll have to pay back the loan over the next 15 years but a no interest loan from the government cannot be beat.


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One Comment

  1. Posted February 7, 2009 at 11:37 pm | Permalink

    The first time homeowners credit is a great thing if you don’t have the downpayments needed no-a-days. I’ve seen there is discussion of an even better credit that you don’t have to repay which might be part of the new stimulus bill.

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