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refundable Credits
Tax Credits
• Employee• Self Employed
Earned Income
What is a refundable tax credit?• A refundable credit is
any amount that exceeds the tax liability on the return
What is your tax
Your tax is your tax liability
Refundable Credits Earned
Income Credit
File a return even if not required
And this is also based on your AGI and your qualifying children
We calculate your
Other requirements must be met.
Even if you don’t have children
Refundable Credit
No qualifying children
Max Credit
Max AGISINGLE, Head of household (HH)
Qualify Widow (QW)
Max AGIMarried Filing Jointly (MFJ)
$475
$13,980
$19,190
A parent always can claim child over other claimants
IRS awards the benefit to the client who the child lived with the longest
Tie Breaker Rules
• The taxpayer with the higher AGI
If not the Parent who claims child
Previous disallowance of EIC
IRS
The disallowance of a qualifying child
Form 8862 was filed in a later year
Child and dependent care
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(904)962-7703
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
Costs
Cost
