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Some Tax Credits A Sure Thing For Filing Year 2011

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All the talk about tax cuts and whether they stay or go probably has most people confused, but the majority of tax credits are staying in place.

The list of extended credits includes Earned Income tax credits, the Child Tax credit, and the American Opportunity tax credit for higher education. But Ilene St Pierre, of Oklahoma State University Extension, says there are some tax credits that have been modified, for example, the Energy Tax credit.

“Those are not as generous as last year. They have instilled a lifetime cap of 500 dollars in 2011. So if you’ve already claimed over the last five years your 500 dollars your not eligible for any more.”

This is, also, the last filing year that homeowners can take advantage of tax credits for mortgage insurance premiums.

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