Are you aware of these “Tax Savings” credits avaiable to most tax filers?
Bob says check this out! You might be eligible for a tax credit. A tax credit is a dollar for dollar reduction of taxes owed. Some credits are even refundable. That means you might receive a refund rather than owe any taxes.
Here are five popular credits you should consider before filing your 2008 Federal Income Tax Return:
1. The Earned Income Tax Credit is a refundable credit for low income working individuals and families. Income and family size determine the amount of the credit. For more information call Bob now at 215.943.3296.
2. The Child and Dependent Care Credit is for expenses paid for the care of your qualifying children under age 13, or for a disabled spouse or dependent, to enable you to work or look for work.
3. The Child Tax Credit is for people who have a qualifying child. The maximum amount of the credit is $1,000 for each qualifying child. This credit can be claimed in addition to the credit for child and dependent care expenses.
4. The Retirement Savings Contributions Credit, also known as the Saver’s Credit, is designed to help low and moderate income workers save for retirement. You may qualify if your income is below a certain limit and you contribute to an IRA or workplace retirement plan, such as a 401(k) plan. The Saver’s Credit is available in addition to any other tax savings that apply. Bob finds that most individuals do not understand this credit. Call me now to find out if you have qualified for this credit over the past three years and if so, we may be able to amend your personal tax returns and request a refund.
5. Health Coverage Tax Credit Certain individuals, who are receiving certain Trade Adjustment Assistance, Alternative Trade Adjustment Assistance, or pension benefit payments from the Pension Benefit Guaranty Corporation, may be eligible for a Health Coverage Tax Credit when you file your 2008 tax return.
There are other credits available to eligible taxpayers. Since many qualifications and limitations apply to the various tax credits, taxpayers should call Bob now at 215.943.3296 to see if they qualify for any credits when filing their personal income tax returns.
Contact the accounting, tax and financial consulting firm of Robert C Olivieri, Jr. PC if you still have any other questions or are looking to have your personal, corporate, payroll or sales tax returns prepared.
Take advantage of our 30 plus years of Accounting, Tax and Financial Consulting experience to reduce your IRS liabilities and show you our provocative Retirement Strategies. Our retirement suggestions are not stockbroker friendly because we are not in the business of selling stocks or mutual funds. Feel free to call Bob, almost anytime, at 215.943.3296 for any questions you may have.
Is it not time you dealt with Accounting and Tax Professionals that are available at your convenience?
