Friday, February 11, 2011

Tax Time - Can Making More Money Give You A Tax Credit?

It's tax time and I have good news and bad news.  The bad news is we owe the state $370, but the good news is we are getting back $720 from Federal. So we are ahead $350!  We bought a new patio door this year, so sadly, if it wasn't for the Energy Star tax credit, we would have only got $200-something back from Federal, so we would have had to pay in over all.  So this could be the last year we get any sort of refund because we will hopefully be making even more money this year.  One thing though, we could have qualified for a "marriage tax credit", but we didn't qualify because one of us (that being me) didn't make at least $20,000 last year.  You know how much I made? $19,978.29.  So we missed out on this credit by $21.71!  I have no idea how much this would have helped, but now I wish I would have worked 2 more hours last year!  Does anyone know what this tax credit is all about?  I never heard of getting a tax break for making more money!

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