for questions that relate to tax credits. A tax credit is a sum deducted from the total amount a taxpayer owes to the state.

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5
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1answer
50 views

Can an unmarried couple each claim half of the federal EV-tax credit?

We are an unmarried couple who bought a car together. We bought a plug-in hybrid (PHEV) and it qualifies for a $4000 federal tax credit. Can the EV tax credit be split between the two of us (filing ...
1
vote
1answer
45 views

Can I legally include an expense made to a school that was later refunded? (American Opportunity Tax Credit)

This is ethically questionable, I'm sure of that. However, this is an expense that was made and should be, according to the information I am provided, acceptable. This is also a purchase that will not ...
7
votes
4answers
104 views

Day care tax deduction

In the US, are day-care expenses tax deductible? And if so under what conditions? For example, if one parent is working, but the other is still going to (graduate) school, is any kind of deduction ...
0
votes
1answer
182 views

How is the Canada Employment Amount tax credit calculated?

To calculate the Canada Employment Amount as a non refundable tax credit, this link explains: Canada employment amount is a non-refundable credit for work-related expenses, such as home ...
2
votes
1answer
887 views

US income taxes for an Indian citizen with US-sourced income

I am an Indian citizen who left US after completing my masters in Aug 2010. Since then I have never re-entered the US and I stayed only in India. I was in the US only on a student visa and did not ...
1
vote
1answer
282 views

Can I claim a tax credit on money I send to India for my parents' healthcare?

I live in Canada and I'm a permanent resident. If I send money to my parents in India, can I claim any kind of tax benefit on that e.g. under the caregiver tax? I know if I bring them here and they ...
3
votes
1answer
93 views

What is the status of the Child Tax Credit for 2013?

There have been many tax changes in the US recently, including the increase of the payroll tax. However, I haven't heard about the significant child tax credit. Will the child tax credit stay at its ...
7
votes
1answer
228 views

Repayment of 2010 First-time Homebuyer Tax Credit

My wife and I received the full $8000 first-time homebuyer tax credit when we bought our home in April 2010, but we're now planning to move. According to the IRS, since we've lived here for less than ...
4
votes
1answer
138 views

Clarification on American Opportunity Tax Credit (AOC) calculation for income tax return?

Background: I am a 22 year old college graduate who got a full time job after graduation. Numbers are close to actual values but rounded for simplicity. MAGI: $20000 Qualified Education Expenses ...
2
votes
1answer
944 views

First time home-buyer incentives require 3 years of primary residence, but can I move if I'm laid off?

My wife and I are 25-months into an FHA loan (we received a first time home buyer tax credit), and I seem to recall that we cannot sell or rent the property for at least 36-months. That wasn't a ...
2
votes
2answers
545 views

Do I have to repay the First-Time Homebuyers tax credit if I refinance?

My wife and I bought our first home in April 2010 and received the full $8000 First-Time Homebuyers tax credit. We now want to refinance, given that the current mortgage rates are significantly lower ...
5
votes
1answer
159 views

Foreign tax credit

I was a student in one of the universities in Texas before I graduated in Aug 2010 and moved back home to India. However since June 2010 till date, I have been working with a US based company. ...
3
votes
2answers
464 views

The Canadian dividend tax credit: Why is it that someone can earn a lot in dividends but pay no/little tax?

from this link: http://www.taxtips.ca/glossary.htm#Dividend For an individual with no income other than taxable Canadian dividends which are eligible for the enhanced dividend tax credit, ...
0
votes
1answer
362 views

Can I claim child care expenses as a deduction on my federal return in Quebec?

My friend want to claim Child Care expense for Federal Tax, but as she lived in Quebec, a large part of her children's day care fees are already returned by Quebec government. So could she still ...
3
votes
1answer
274 views

What is CAN PRO?

I have had several deposits into my bank account over the past year from this ($125.??) I am sure it is federal and provincial and some kind of credit. But for what?
3
votes
1answer
1k views

Are the HST rebates only paid for the first year, or will they be issued every year?

Will the HST rebates be paid each year after 2010 as well, or is this a one time thing?
3
votes
1answer
191 views

Home Renovation Tax Credit (HRTC) - Can I still claim it even if I pay cash?

Can I still claim the Home Renovation Tax Credit even if I pay cash?
4
votes
2answers
768 views

UK income tax & charitable donations: How much is income tax reduced by donations?

To continue the theme... In the UK, how much is income tax reduced by charitable donations? When filing, are there any special requirements to qualify for the deduction or credit?
3
votes
2answers
410 views

U.S. income tax & charitable donations: How much is income tax reduced by donations?

In the U.S., how much is income tax reduced by charitable donations? When filing, are there any special requirements to qualify for the deduction or credit?
4
votes
1answer
1k views

Canadian income tax & charitable donations: How much is income tax reduced by donations?

In Canada, how much is income tax reduced by charitable donations? When filing, are there any special requirements to qualify for the deduction or credit?
5
votes
2answers
1k views

In Canada how much are child care receipts worth for income tax?

How much can my family expect to save on taxes if we ask our sitter for a receipt for last year? Our kids are 6 and 10 and we paid about $2300 last year for occasional child care. My husband and I ...
5
votes
1answer
77 views

Online calculators for child benefits in the U.K.?

(I've also asked this on Moms4Mom) I've been reading through the various benefits available for parents in the UK. It all seems to be hilariously complicated. I know I could plug in the various ...
2
votes
2answers
329 views

How is the Home Renovation Tax Credit (HRTC) supposed to be claimed? How does the credit work?

We built a new deck this year and we're expecting to take advantage of the Home Renovation Tax Credit (HRTC). How is it supposed to be claimed? How does the credit work? Would it be claimed on the ...
4
votes
1answer
331 views

We get receipts from our child care provider. Can we still claim a tax benefit even though they're not licensed?

We get receipts from our child care provider. Can we still claim a tax benefit even though they're not licensed? [Note: This is my paraphrased version of a similar question I answered at ...