Saturday, July 27, 2013
Wednesday, July 24, 2013
**SAVER'S CREDIT!!!
Saving for your retirement can make you eligible for a tax credit worth up to $2,000. If you contribute to an employer-sponsored retirement plan, such as a 401(k) or to an IRA, you may be eligible for the Saver’s Credit.
Here are seven points ADVANCE TAX RELIEF would like you to know about the Saver’s Credit:
The Saver’s Credit is formally known as the Retirement Savings Contribution Credit. The credit can be worth up to $2,000 for married couples filing a joint return or $1,000 for single taxpayers.
Your filing status and the amount of your income affect whether you are eligible for the credit. You may be eligible for the credit on your 2012 tax return if your filing status and income are:
• Single, married filing separately or qualifying widow or widower, with income up
to $28,750
• Head of Household with income up to $43,125
• Married Filing Jointly, with income up to $57,500
You must be at least 18 years of age to be eligible. You also cannot have been a full-time student in 2012 nor claimed as a dependent on someone else’s tax return.
You must contribute to a qualified retirement plan by the due date of your tax return in order to claim the credit. The due date for most people is April 15.
The Saver’s Credit reduces the tax you owe.
Use IRS Form 8880, Credit for Qualified Retirement Savings Contributions, to claim the credit. Be sure to attach the form to your federal tax return. If you use IRS e-file the software will do this for you.
Depending on your income, you may be eligible for other tax benefits if you contribute to a retirement plan. For example, you may be able to deduct all or part of your contributions to a traditional IRA.
Owe the IRS and need help? Call to request the free Tax Resolution Form (800)790-8574 or contact us via web at www.advancetaxrelief.net
Get back your peace of mind, resolve your tax issues and protect yourself from IRS enforcement actions.
We assist taxpayers nationwide!
ADVANCE TAX RELIEF - We Solve Tax Problems
BBB Accredited Business.
Here are seven points ADVANCE TAX RELIEF would like you to know about the Saver’s Credit:
The Saver’s Credit is formally known as the Retirement Savings Contribution Credit. The credit can be worth up to $2,000 for married couples filing a joint return or $1,000 for single taxpayers.
Your filing status and the amount of your income affect whether you are eligible for the credit. You may be eligible for the credit on your 2012 tax return if your filing status and income are:
• Single, married filing separately or qualifying widow or widower, with income up
to $28,750
• Head of Household with income up to $43,125
• Married Filing Jointly, with income up to $57,500
You must be at least 18 years of age to be eligible. You also cannot have been a full-time student in 2012 nor claimed as a dependent on someone else’s tax return.
You must contribute to a qualified retirement plan by the due date of your tax return in order to claim the credit. The due date for most people is April 15.
The Saver’s Credit reduces the tax you owe.
Use IRS Form 8880, Credit for Qualified Retirement Savings Contributions, to claim the credit. Be sure to attach the form to your federal tax return. If you use IRS e-file the software will do this for you.
Depending on your income, you may be eligible for other tax benefits if you contribute to a retirement plan. For example, you may be able to deduct all or part of your contributions to a traditional IRA.
Owe the IRS and need help? Call to request the free Tax Resolution Form (800)790-8574 or contact us via web at www.advancetaxrelief.net
Get back your peace of mind, resolve your tax issues and protect yourself from IRS enforcement actions.
We assist taxpayers nationwide!
ADVANCE TAX RELIEF - We Solve Tax Problems
BBB Accredited Business.
Monday, July 22, 2013
****FIVE TAX CREDITS THAT CAN REDUCE TAXES
A tax credit reduces the amount of tax you must pay. A refundable tax credit not only reduces the federal tax you owe, but also could result in a refund.
If you filed an extension, here are five credits Advance Tax Relief wants you to consider before filing your 2012 federal income tax return:
1. The Earned Income Tax Credit; is a refundable credit for people who work and don’t earn a lot of money. The maximum credit for 2012 returns is $5,891 for workers with three or more children. Eligibility is determined based on earnings, filing status and eligible children. Workers without children may be eligible for a smaller credit. If you worked and earned less than $50,270 you might be able to claim the credit.
2. The Child and Dependent Care Credit: is for expenses you paid for the care of your qualifying children under age 13, or for a disabled spouse or dependent. The care must enable you to work or look for work.
3. The Child Tax Credit may apply to you if you have a qualifying child under age 17. The credit may help reduce your federal income tax by up to $1,000 for each qualifying child you claim on your return. You may be required to file the new Schedule 8812, Child Tax Credit, with your tax return to claim the credit.
4. The Retirement Savings Contributions Credit (Saver’s Credit): helps low-to-moderate income workers save for retirement. You may qualify if your income is below a certain limit and you contribute to an IRA or a retirement plan at work. The credit is in addition to any other tax savings that apply to retirement plans. For more information, see Publication 590, Individual Retirement Arrangements (IRAs).
5. The American Opportunity Tax Credit helps offset some of the costs that you pay for higher education. The AOTC applies to the first four years of post-secondary education. The maximum credit is $2,500 per eligible student. Forty percent of the credit, up to $1,000, is refundable. You must file Form 8863, Education Credits, to claim it if you qualify. For more information, see Publication 970, Tax Benefits for Education.
Owe the IRS and need help? Call to request the free Tax Resolution Form (800)790-8574 or contact us via web atwww.advancetaxrelief.net
Get back your peace of mind, resolve your tax issues and protect yourself from IRS enforcement actions.
We assist taxpayers nationwide!
ADVANCE TAX RELIEF - We Solve Tax Problems
BBB Accredited Business.
If you filed an extension, here are five credits Advance Tax Relief wants you to consider before filing your 2012 federal income tax return:
1. The Earned Income Tax Credit; is a refundable credit for people who work and don’t earn a lot of money. The maximum credit for 2012 returns is $5,891 for workers with three or more children. Eligibility is determined based on earnings, filing status and eligible children. Workers without children may be eligible for a smaller credit. If you worked and earned less than $50,270 you might be able to claim the credit.
2. The Child and Dependent Care Credit: is for expenses you paid for the care of your qualifying children under age 13, or for a disabled spouse or dependent. The care must enable you to work or look for work.
3. The Child Tax Credit may apply to you if you have a qualifying child under age 17. The credit may help reduce your federal income tax by up to $1,000 for each qualifying child you claim on your return. You may be required to file the new Schedule 8812, Child Tax Credit, with your tax return to claim the credit.
4. The Retirement Savings Contributions Credit (Saver’s Credit): helps low-to-moderate income workers save for retirement. You may qualify if your income is below a certain limit and you contribute to an IRA or a retirement plan at work. The credit is in addition to any other tax savings that apply to retirement plans. For more information, see Publication 590, Individual Retirement Arrangements (IRAs).
5. The American Opportunity Tax Credit helps offset some of the costs that you pay for higher education. The AOTC applies to the first four years of post-secondary education. The maximum credit is $2,500 per eligible student. Forty percent of the credit, up to $1,000, is refundable. You must file Form 8863, Education Credits, to claim it if you qualify. For more information, see Publication 970, Tax Benefits for Education.
Owe the IRS and need help? Call to request the free Tax Resolution Form (800)790-8574 or contact us via web atwww.advancetaxrelief.net
Get back your peace of mind, resolve your tax issues and protect yourself from IRS enforcement actions.
We assist taxpayers nationwide!
ADVANCE TAX RELIEF - We Solve Tax Problems
BBB Accredited Business.
Sunday, July 21, 2013
Friday, July 12, 2013
Wednesday, July 10, 2013
Take Credit for Your Retirement ADVANCE TAX RELIEF LLC
Saving for your retirement can make you eligible for a tax credit worth up to $2,000. If you contribute to an employer-sponsored retirement plan, such as a 401(k) or to an IRA, you may be eligible for the Saver’s Credit.
Here are a few points Advance Tax Relief would like you to know about the Saver’s Credit:
The Saver’s Credit is formally known as the Retirement Savings Contribution Credit. The credit can be worth up to $2,000 for married couples filing a joint return or $1,000 for single taxpayers.
Your filing status and the amount of your income affect whether you are eligible for the credit. You may be eligible for the credit on your 2012 tax return if your filing status and income are:
• Single, married filing separately or qualifying widow or widower, with income up
to $28,750
• Head of Household with income up to $43,125
• Married Filing Jointly, with income up to $57,500
You must be at least 18 years of age to be eligible. You also cannot have been a full-time student in 2012 nor claimed as a dependent on someone else’s tax return.
You must contribute to a qualified retirement plan by the due date of your tax return in order to claim the credit. The due date for most people is April 15.
The Saver’s Credit reduces the tax you owe.
Depending on your income, you may be eligible for other tax benefits if you contribute to a retirement plan. For example, you may be able to deduct all or part of your contributions to a traditional IRA.
Owe the IRS and need help? Free Consultation (713)300-3965 or contact us via web www.advancetaxrelief.net. We assist taxpayers nationwide!
ADVANCE TAX RELIEF - We Solve Tax Problems
BBB Accredited Business
Here are a few points Advance Tax Relief would like you to know about the Saver’s Credit:
The Saver’s Credit is formally known as the Retirement Savings Contribution Credit. The credit can be worth up to $2,000 for married couples filing a joint return or $1,000 for single taxpayers.
Your filing status and the amount of your income affect whether you are eligible for the credit. You may be eligible for the credit on your 2012 tax return if your filing status and income are:
• Single, married filing separately or qualifying widow or widower, with income up
to $28,750
• Head of Household with income up to $43,125
• Married Filing Jointly, with income up to $57,500
You must be at least 18 years of age to be eligible. You also cannot have been a full-time student in 2012 nor claimed as a dependent on someone else’s tax return.
You must contribute to a qualified retirement plan by the due date of your tax return in order to claim the credit. The due date for most people is April 15.
The Saver’s Credit reduces the tax you owe.
Depending on your income, you may be eligible for other tax benefits if you contribute to a retirement plan. For example, you may be able to deduct all or part of your contributions to a traditional IRA.
Owe the IRS and need help? Free Consultation (713)300-3965 or contact us via web www.advancetaxrelief.net. We assist taxpayers nationwide!
ADVANCE TAX RELIEF - We Solve Tax Problems
BBB Accredited Business
Tuesday, July 9, 2013
Moving This Summer? Helpful Tax Advice! ADVANCE TAX RELIEF
School’s out for the summer, and summer is a popular time for people to move - especially families with children. If you are moving to start a new job or even the same job at a new job location, Here are some tips on expenses you may be able to deduct on your tax return.
1. Expenses must be close to the time you start work. Generally, you can consider moving expenses that you incurred within one year of the date you first report to work at a new job location.
2. Distance Test: Your move meets the distance test if your new main job location is at least 50 miles farther from your former home than your previous main job location was from your former home. For example, if your old main job location was three miles from your former home, your new main job location must be at least 53 miles from that former home.
3. Time Test: Upon arriving in the general area of your new job location, you must work full time for at least 39 weeks during the first year at your new job location. Self-employed individuals must meet this test, and they must also work full time for a total of at least 78 weeks during the first 24 months upon arriving in the general area of their new job location. If your income tax return is due before you have satisfied this requirement, you can still deduct your allowable moving expenses if you expect to meet the time test. There are some special rules and exceptions to these general rules.
4. Travel: You can deduct lodging expenses (but not meals) for yourself and household members while moving from your former home to your new home. You can also deduct transportation expenses, including airfare, vehicle mileage, parking fees and tolls you pay, but you can only deduct one trip per person.
5. Household goods: You can deduct the cost of packing, crating and transporting your household goods and personal property, including the cost of shipping household pets. You may be able to include the cost of storing and insuring these items while in transit.
6. Utilities: You can deduct the costs of connecting or disconnecting utilities.
7. Nondeductible expenses: You cannot deduct as moving expenses: any part of the purchase price of your new home, car tags, a drivers license renewal, costs of buying or selling a home, expenses of entering into or breaking a lease, or security deposits and storage charges, except those incurred in transit and for foreign moves.
8. Form: You can deduct only those expenses that are reasonable for the circumstances of your move. To figure the amount of your deduction for moving expenses, use Form 3903, Moving Expenses.
9. Reimbursed expenses: If your employer reimburses you for the costs of a move for which you took a deduction, the reimbursement may have to be included as income on your tax return.
10. Update your address: When you move, be sure to update your address with the IRS and the U.S. Postal Service to ensure you receive mail from the IRS. Use Form 8822, Change of Address, to notify the IRS.
Owe the IRS and need help? Free Consultation (713)300-3965 or contact us via web www.advancetaxrelief.net. We assist taxpayers nationwide!
ADVANCE TAX RELIEF - We Solve Tax Problems
BBB Accredited Business
1. Expenses must be close to the time you start work. Generally, you can consider moving expenses that you incurred within one year of the date you first report to work at a new job location.
2. Distance Test: Your move meets the distance test if your new main job location is at least 50 miles farther from your former home than your previous main job location was from your former home. For example, if your old main job location was three miles from your former home, your new main job location must be at least 53 miles from that former home.
3. Time Test: Upon arriving in the general area of your new job location, you must work full time for at least 39 weeks during the first year at your new job location. Self-employed individuals must meet this test, and they must also work full time for a total of at least 78 weeks during the first 24 months upon arriving in the general area of their new job location. If your income tax return is due before you have satisfied this requirement, you can still deduct your allowable moving expenses if you expect to meet the time test. There are some special rules and exceptions to these general rules.
4. Travel: You can deduct lodging expenses (but not meals) for yourself and household members while moving from your former home to your new home. You can also deduct transportation expenses, including airfare, vehicle mileage, parking fees and tolls you pay, but you can only deduct one trip per person.
5. Household goods: You can deduct the cost of packing, crating and transporting your household goods and personal property, including the cost of shipping household pets. You may be able to include the cost of storing and insuring these items while in transit.
6. Utilities: You can deduct the costs of connecting or disconnecting utilities.
7. Nondeductible expenses: You cannot deduct as moving expenses: any part of the purchase price of your new home, car tags, a drivers license renewal, costs of buying or selling a home, expenses of entering into or breaking a lease, or security deposits and storage charges, except those incurred in transit and for foreign moves.
8. Form: You can deduct only those expenses that are reasonable for the circumstances of your move. To figure the amount of your deduction for moving expenses, use Form 3903, Moving Expenses.
9. Reimbursed expenses: If your employer reimburses you for the costs of a move for which you took a deduction, the reimbursement may have to be included as income on your tax return.
10. Update your address: When you move, be sure to update your address with the IRS and the U.S. Postal Service to ensure you receive mail from the IRS. Use Form 8822, Change of Address, to notify the IRS.
Owe the IRS and need help? Free Consultation (713)300-3965 or contact us via web www.advancetaxrelief.net. We assist taxpayers nationwide!
ADVANCE TAX RELIEF - We Solve Tax Problems
BBB Accredited Business
Saturday, July 6, 2013
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