FiLife Answers Last Minute Year-End Tax Questions

NEW YORK, Dec. 28  /PRNewswire/ -- Taxpayers who wait until the last minute to get answers to 2009 tax questions are turning to FiLife.com (http://www.filife.com/) for answers. FiLife, a joint venture of Dow Jones and IAC (NASDAQ:IACI), is one of the fastest-growing personal finance sites.

One FiLife user asked, "How does a nonrefundable tax credit (like adoption) work?" was able to find out that the adoption tax credit can be carried forward for up to 5 years. There will still be such a carry forward provision even after EGTRRA (PL 107-16) sunsets. However, while it appears that an existing credit will carry forward even if it exceeds the lower $5,000 threshold as the credit was already determined; it appears that the credit would be subject to the AMT.  An answer not easily found via other resources.

Another FiLife user who asked, "Is the energy credit worth it when you are paying more up front for a government-approved specified model of a window or door?" received the following answer from the FiLife community: "The energy star rated products have been demonstrated to save energy. So if the tax credits make the better products more affordable, it is worthwhile. Note that in 2009 and 2010 the tax credits do not have an income phase out and are not subject to the AMT."

  Other questions have included:
  --  How can I earn more deductions on my taxes?
  --  Can I deduct doctor visit co-pays and prescription deductibles from my
      taxes?
  --  Do existing home owners have any tax breaks this year?




Users tap the full FiLife community for educational answers, including financial professionals (Certified Financial Planners(TM)), experts, writers and members with real world experience in overcoming personal finance challenges.

To make it easy, FiLife allows people to submit tax or financial questions through Twitter (via @AskFiLife) and Facebook (facebook.com/filife).  FiLife is free and members get answers to questions on year-end tax planning strategies, tax deductions, and tax credits. FiLife is the #3 personal finance site, with over 4 million monthly unique visitors.*

"This year has been challenging for many people. FiLife helps by offering free expert answers to your tax questions," said Ezra Kucharz, president of FiLife.

  * comScore, November 2009

  About FiLife.com


A Dow Jones / IAC joint venture, FiLife.com is where people get their personal finances in shape. FiLife's question and answer focus, how-to guides, tools, network of experts and active community members help you better understand your financial health and empower you to take action.  FiLife puts the personal back in finance.  For more information on how to achieve financial health, please visit FiLife.com and follow FiLife on Twitter: twitter.com/filife (@FiLife).

  Contact:
  --------
  Saralyn Bass for FiLife
  917-270-6053
  

DATASOURCE: FiLife.com



CONTACT:  Saralyn Bass for FiLife, [phone], 



Web Site:  http://www.filife.com/ 

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