Tax Blog

NOTE: this blog was originally posted in 2009. If you have questions about tax breaks for teachers for 2010 please use our Ask A Tax Question form and we will be able to answer your questions as quickly as possible. Thank you for stopping by FiscalTax.com!

If you have children living under your roof, you are eligible for a hefty tax credit. A new tax law passed in 2008 enhances the already existing additional child tax credit to include more of your earned income. The credit was previously refundable to the extent of 15% of the taxpayers earned income in excess of approximately $12,050 (reflecting inflation adjustments from the original floor of $10,000). Under the new law, the earned income floor falls to $8,500. That means that anything you earn over and above $8,500 is eligible for the 15% refundable tax credit.

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