Tax Credits to Keep in Mind!

[lray3152]

Hey everyone, i just wanted to go through some tax credits to keep in mind:

Tuition: American Opportunity Tax Credit - credits your first 2,000 and up to 25% of your next amounts for a max of $2500
Medical Expenses - Please keep track for all of this!

Making work pay tax credit - Some already see this in their paycheck, if not, it is $400 tax credit!

New home buyers receive a tax credit
Energy Efficient appliances receive a tax credit
Energy efficient vehicle purchases also receive a tax credit

Any other easy ones that people can take please list below : ) thank you!

[dlm9395]

Thanks for those tips!  We are always looking for things to help us on taxes!  Hey, do we report anything that we earned on fusion cash?

[lray3152]

well... technically you are supposed to as it is income.  You are supposed to report 5 dollars u find on the ground.  Yet, I know most sites send you something if you earn over 600 dollars worth.

[lvstephanie]

The IRS will only seriously consider something as income if $600 or more has been earned through it. At the $600 threshold, you'd need to fill out the 1099 MISC income form. Also, the $600 is from one source; thus if you're involved with 600 different programs that each netted you $1, you don't really have to report this. This, however, is somewhat nebulous in that although there may be multiple sites involved, if you're using the same username, email, address, etc. they may consider it to all be one business venture with multiple clients. Sort of like the kid mowing the lawn for several neighbors earning over $600 may have to report it as being income from his lawn mowing service instead of $50 from the Jenkins next door, $100 from the Thompsons across the street, etc.

[marcar1008]

First year my husband has 401k deductions and he got $200 credit with Form 8880 - get up to $2,000 if you qualify. Do the worksheet 

[mstout1221]

Thanks for this info. Very helpful