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Seven Lesser-Known Tax Credits. Check if you are eligible for any.

submitted on January 26, 2011 by orangearrows in "Member's Lounge"
Each year, a few well-known tax credits seem to make news. In 2010, those credits included the housing credit, the energy tax credit, and the popular Making Work Pay Credit. At the same time, other lesser-known credits barely get a nod.

Credits are, in most cases, even better than deductions, because rather than simply reducing your taxable income, they reduce your tax due, dollar for dollar. Don't miss out on claiming credits for which you might be eligible. Here's a list of seven lesser-known credits that deserve a second look:
1. Alternative motor vehicle credit.
2. Adoption credit.
3. Health Coverage Tax Credit.
4. Saver's Credit.
5. Foreign Tax Credit
6. Credit For Prior Year Minimum Tax.
7. Credit for the Elderly or the Disabled.

Read more below :


  • 99743
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    Posted by CouponNut on January 26, 2011
    [reply] 4 0
    The credit for the elderly is not all the great if you have a million bucks!
    • orangearrows
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      Posted by orangearrows on January 27, 2011
      [reply] 2 0
      How many would have that?

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