First time home buyers and teachers, listen up. You could be eligible for tax credits and deductions you may not know about.
Eric Erickson of the Internal Revenue Service says time is running out to cash in on an $8,000 tax credit if you are thinking about buying a home.
“With the first time home buyer credit, you have to have purchased and closed on your home buy December 1 in order to take that,” said Erickson. “We’re getting to that time, it’s two months away or so, that’s about the time you need to close on a home.”
Erickson says teachers are eligible for a $250 deduction. He says the IRS realizes the amount of work and money teachers put in to their jobs.
“As kids go back to school, teachers are often buying a lot of their supplies out of their own pockets,” he said. “There is a $250 tax deduction they can get on their tax return when they file it next year. We’re reminding them to keep their receipts for computer, school supplies, anything they use in the classroom.”
Erickson says the tax credit is an above the line deduction, which means they don’t have to itemize items bought, just save the receipts.
He says teacher’s aides, counselors, and anyone who works 900 hours in classroom is also eligible for the deductions.
For more information, <a href=http://www.irs.gov<click here.