After the big bank bailouts, a lot of Americans (Arizonans included) found themselves wondering where was the bailout money for the little guy? As it turns out, many of the provisions of the recovery act ARE geared toward individual taxpayers. How can an Arizona resident cash in on credits and deductions for their 2010 taxes? Check out these tips and resources from the IRS website:
- Homebuyer Tax Credit: first-time homebuyers and long-term homeowners buying a new primary residence by April 30, 2010 and closing by September 30, 2010 may be eligible for a tax credit of up to $8,000. See the IRS first-time home buyer page for more details.
- Reduced COBRA Insurance Premiums: if you lost your job between September 1, 2008, and May 31, 2010, you may qualify for reduced COBRA health insurance premiums for up to 15 months.
- Benefits for Education: both the American opportunity credit and enhanced benefits for 529 college savings plans help students find ways to pay for higher education expenses.
- Energy Incentives: The government wants you to be more energy efficient. See how you can reap the tax rewards of going a little greener.
- Earned Income Tax Credit: the EITC has gotten bigger in both 2009 and 2010.
- Additional Child Tax Credit: this credit has been expanded so that more families can qualify for the ACTC in 2009 and 2010.
- Making Work Pay Tax Credit: this credit means more pay in the pocket for many Americans. See Making Work Pay for more details.
- Health Coverage Tax Credit: this credit increased from 65% to 80% of qualified health insurance premiums. Eligibility was also expanded.
To make sure you take advantage of all the credits and deductions available to you, be sure to check with a qualified tax professional.
At The Pew Law Center, PLLC, we understand that if you do run into tax problems with the IRS, it can be overwhelming. Whether you owe back taxes, haven’t filed taxes for several years, or have received an audit or wage garnishment notice from the IRS, the attorneys at The Pew Law Center, PLLC can help you or your business with these and any other federal and state tax problems.
We are a dedicated debt relief law firm. We help people from Phoenix, Mesa, Gilbert, Queen Creek, Chandler, Scottsdale, Apache Junction, Tempe and throughout Arizona work through tough tax problems or file for bankruptcy every day. We can help stop the debt cycle and give you relief from your overwhelming, burdensome, and crushing tax problems. Please don’t wait another moment. Call us right away – our attorneys will help get you the fresh start you deserve.