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Nonrefundable Credits
Tax Credits
• Child tax credit• Additional Child Tax
Credit• Child Care Expenses
What is a nonrefundable tax credit?• A nonrefundable
credit is limited to the tax liability
What is your tax
Your tax is your tax liability
Nonrefundable Credits Child Tax
Credit
$1000 per child
No limit to the number of qualifying children
We calculate your
Two Limits to the credit
Child Tax Credit
Tax Liability
AGI Phaseout
This is your tax on page 2 your 1040
AGI Phaseout This is your adjusted gross income from page 1 of 1040
Tax Liability
Child Tax Credit
AGI PHASEOUT
Filing Status
MFS (Married Filing Separately
Phase out for 2012
$55,000
Single, Head of Household, Qualifying Widow
$75,000
$110,000
IRS Phase Out
MFJ (Married Filing Jointly)
Child Tax Credit
Crossing the AGI PHASEOUT
The maximum credit is reduced by $50 for each $1000 over the threshold
Nonrefundable Credits
Additional Child Tax Credit
We calculate your!!
Good News- limited by tax liability?
1. Client has to have $3000 or more of earned income
2. Three or more qualifying children
Child and dependent care Credit
We calculate your!!Day Care
1. Employed2. Self-employed3. Looking for a job4. Enrolled as a full time
student
To be eligible
Child and dependent care credit
Married Couples
Day care
Married couples must each be eligible
• One spouse may not be stay-at-home
• For those clients who work from home as employees or self-employed are eligible
Child and dependent care Credit
We calculate your!!Day Care
1. $3000 for one qualifying child
2. $6000 for two or more children
Maximum Credit
Child and dependent care Credit
We calculate your!!
Day Care1. Expenses are eligible
in the year paid, not incurred.
2. $6000 for two or more children
Maximum Credit
Don’t Overpay Your Taxes
By MargaretSpecializing in Personal and Business Tax Retuns. Over 8years tax preparation and over 200 satisfied customers last year. I would like to add you as my customer this year.
Available Dates
January to April
Location 5960 Beach BlvdJacksonville, FL 32207(904)962-7703
AvailableTime
By Appointment Monday to Saturday
Year Round
5960 Beach BlvdJacksonville, FL 32207
Available Services •1040EZ $60.00
• 1040, 1040A, 1040X $80 - $190•1099-A, B, DIV, C, R• Partnerships & Corporations• PC- By AppointmentQuestions & IRS Letters:[email protected]
•1040EZ $60.00• 1040, 1040A, 1040X $80 - $190•1099-A, B, DIV, C, R• Partnerships & Corpor
By Appointment Monday to Saturday
Cost
