|Clergy Tax Facts|
The IRS expects to receive more than 140 million individual tax returns this year, with most of those being filed by the April 18 deadline. Taxpayers requesting an extension will have until Oct. 17 to file their 2010 tax returns.
Here are some of the deductions taxpayers could qualify for:
Energy: Homeowners can deduct up to 30 percent of the costs paid or incurred in 2010 for any qualified energy-efficiency improvement. The credit is limited to a total of $1,500. If you claimed part of it in 2009, you can take only the remainder on your 2010 taxes.
College: The American Opportunity Credit allows for up to $2,500 per student. The credit includes books, which did not qualify for deductions in the past. The credit counts all of the taxpayer's first $2,000 spent and 25 of the next $2,000 spent.
Homes: First-time home buyers who bought a house by April 30 and closed on it by Sept. 30 last year are eligible for a credit of up to $8,000. If you claimed the credit on your 2009 form, you can't claim it again.
Electric vehicles: Taxpayers who bought plug-in electric vehicles in 2010 are eligible for a credit of 10 percent of the vehicle's cost or no more than $2,500 per vehicle. Also, those who bought qualifying hybrid cars can claim a deduction as well.
Earned Income Tax Credit: The American Recovery and Reinvestment Act provides a temporary increase in the earned income tax credit for taxpayers with three or more qualifying children. The maximum credit is $5,657 for taxpayers who earned less than $49,000 last year. The credit started in 2009 and is good for 2010 as well.
Standard deductions: The IRS increased its standard deductions in 2009, and they will remain in place for 2010 returns. The exception is for heads of households, whose $8,400 deduction is up $50 from 2009.
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Clergy should not view this information as a substitute for professional advice. This information is subject to change, due to administrative rulings or interpretations and or technical corrections by the IRS. If legal advice or other expert assistance is required, the services of a competent clergy tax professional person should be sought.