Tax Credits

Listed below are some important tax credits you may be eligible for:

• First Time Homebuyers Credit($7500 on homes bought from 4/9/08-6/30/09-complete Form 5405)
• Earned Income Credit(Available for low income families both with and without children-visit the IRS website and go to the EITC Assistant to see if you qualify)
• Child Tax Credit(Available on dependent children who are under the age of 17 at the end of the tax year—up to $1000 credit)
• Child and Dependent Care Credit(Available for both children and adults who are unable to care for themselves—must have service providers Tax ID to be able to claim on Form 2441)
• Education Credits(both Hope(for only 1^st 2 years of college) and Lifetime Learning Credit—complete Form 8863)
• Savers Credit (available for low to moderate income families for saving for retirement—complete Form 8880)
• Recovery Rebate Credit(for those who may not have qualified when the credit was issued, but do now—ie baby born in 2008, you were claimed on your parents return in 2007, but are not being claimed in 2008)
• Foreign Tax Credit(take on line 47 on your 1040)
• Credit for Elderly or Disabled(complete Schedule R)
• Adoption Credit(complete Form 8839)
• Residential energy efficient property credit(claim on Form 5695)
• Alternative motor vehicle (including hybrids) credit(claim on Form 8910)

For more details on these credits visit the IRS website or contact and Enrolled Agent or other tax professional.