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More Children, More EITC
Expanded benefits are now available for those with three or more qualifying children and married couples. The EITC helps those whose income are below certain thresholds, which in 2009 have risen.
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American Opportunity Credit:
New Education Credit Helps Pay for First Four Years of College
This new credit modifies the existing Hope Credit for tax years 2009 and 2010, making the Hope Credit available to a broader range of taxpayers, additions to list of qualifying expenses, and allows the credit to be claimed for four post-secondary education years instead of two.
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First Time Home Buyer Credit
If you bought a home in 2009 and
have not owned a home in the last three years, you may
qualify for an $8000 credit or 10% of the purchase price,
which ever is less. This is different than the First
Time Home Buyer Credit instituted last year in as much
as this new credit will not be payable back to the IRS as long as you continue to
reside in your home for the next Three Years.
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