tax credit Related Resources & Guides

Research And Development Into Tax Relief

Research and Development Tax Relief is a deductible Corporation Tax item that may decrease a company’s tax expense by more than the real expenditure on Research and Development costs. The United Kingdom Government has actively made it possible for Companies to qualify for tax relief and Small and Medium-sized Enterprises can choose to receive a tax credit, by way of paying a certain sum of cash by HM Revenue and Customs.

The $8k Homebuyer Tax Credit

In an effort to help motivate homebuyers and to get the economy back on track, Congress has recently enacted legislation to provide a tax credit to buyers. Although the new tax credit is restricted to those who are purchasing a home for the first time and is only valid on purchases made between January 1, 2009 and December 1, 2009, the new credit can reward buyers with up to $8,000 in credit. In addition, unlike previous tax credits that have been provided to homebuyers, the new credit does not need to be repaid over time.

Education Tax Credit – Now Includes Computers

New tax legislation signed in February 2009, increases the Hope Credit from $1,800 to $2,500 and changes its name to The American Opportunity Tax Credit for two years. The new credit has a broader reach then the Hope Credit, and is now available to more taxpayers, including taxpayers with higher incomes and those that do not owe a tax. In addition, required course materials will be considered a qualifying expense, and the credit claimed is extended from two years to four post-secondary education years.