New tax credits may put more money in your pocket
POSTED: Tuesday, February 3, 2009 - 6:22pm
UPDATED: Thursday, April 8, 2010 - 12:42am
LONGVIEW - Thanks to new credits and thresholds, more people may be able to save more money on their tax bill.
There are four new tax credits. The recovery rebate credit, home owner credit, earned income credit
and the child tax credit.
Which is what Doug Stewart of Kilgore qualifies for. Like Doug, parents with kids 17 years old and younger can qualify to get an extra $1000 per child.
Stewart said, "Kids are expensive, my wife went shopping for my boy and it cost $200 for a few shirts...so it would help us out a great deal."
The recovery rebate will help many people to qualify for that $600 or $1200 stimulus check.
Local CPA, Carmella Davis said, "They may have been employed in 2008 and 2009 their not or their jobs on the line, they need to get as many tax deductions as they can to help out."
Then, if you bought a house in 2008 and did not buy a house three years prior to last year, you can get a no interest loan for $7500.
Davis said, "At least they could take that $7,500 and help get mortgage in line and pay it back over $500 per year."
If you file joint taxes and have at least two kids, this year you could qualify for earned income credit.
You can be sure that in a downed economy, East Texans like Doug will look to make an extra buck any way they can.