by Jim Magary | Feb 25, 2015 | Tax Help
What You Should Know about the Child Tax Credit
The Child Tax Credit may save you money at tax-time if you have a qualified child.
What You Need to know about the credit.
1. Amount.
The Child Tax Credit may help reduce your federal income tax by up to $1,000 for each qualifying child that you are eligible to claim on your tax return.
2. Additional Child Tax Credit.
If you qualify and get less than the full Child Tax Credit, you could receive a refund even if you owe no tax with the Additional Child Tax Credit.
3. Qualifications.
For this credit, a qualifying child must pass several tests:
• Age test. The child must have been under age 17 at the end of 2014.
• Relationship test. The child must be your son, daughter, stepchild, foster child, brother, sister, stepbrother, or stepsister.
The child may be a descendant of any of these individuals.
A qualifying child could also include your grandchild, niece or nephew.
You would always treat an adopted child as your own child. An adopted child includes a child lawfully placed with you for legal adoption.
• Support test.
The child must not have provided more than half of their own support for the year.
• Dependent test.
The child must be a dependent that you claim on your federal tax return.
• Joint return test.
The child cannot file a joint return for the year, unless the only reason they are filing is to claim a refund.
• Citizenship test.
The child must be a U.S. citizen, a U.S. national or a U.S. resident alien.
• Residence test.
In most cases, the child must have lived with you for more than half of 2014.
4. Limitations.
The Child Tax Credit is subject to income limitations. The limits may reduce or eliminate your credit depending on your filing status and income.
5. Schedule 8812.
If you qualify to claim the Child Tax Credit, make sure to check whether you must complete and attach Schedule 8812, Child Tax Credit, with your tax return.
by Jim Magary | Feb 25, 2015 | Tax Help
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Most people confuse an IRS tax levy with an IRS tax lien.
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by Jim Magary | Feb 24, 2015 | Tax Help
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The IRS levies and garnishes over 1.5 million taxpayers every year and files over 700,000 federal tax liens each year.
IRS is a collection and billing machine with the largest collection hammer in the world. no human hand touches an IRS tax levy they are all computer-generated.
If taxpayers do not respond to the last IRS notice sent by certified mail, the IRS within 30 days will send out a bank or wage garnishment levy to any source it has on its CADE2 computer system.
IRS tries to warn taxpayers telling about the levy but it has no choice, their manuals provide that tax levies must be sent to taxpayers who are unresponsive
As a result of our experience we understand how to stop the hammer.
If you are in receipt of an IRS tax levy, as a general rule within 24 hours of receiving your current documented financial statement we can get your levy released and your case settle. All statements must be accurate.
IRS will want to see the last three months bank statements,a copy of your last paystub and your current monthly expenses.
If you owe back tax debt, you can have a former IRS teaching agent who was a former revenue officer work your case to achieve maximum results.
Call us today for a free initial tax consultation.
Please be advised that all tax returns will have to be filed with the Internal Revenue Service before the IRS will close and settle of any case.
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by Jim Magary | Feb 24, 2015 | Tax Help
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As a result of our experience we understand how to stop the hammer.
If you are in receipt of an IRS tax levy, as a general rule within 24 hours of receiving your current documented financial statement we can get your levy released and your case settle. All statements must be accurate.
If you are undergoing an IRS tax audit, we can have a former IRS agent manager provide your very best tax defense to assure that you are paying the lowest amount allowed by law.
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Call us today for a free initial tax consultation.
Please be advised that all tax returns will have to be filed with the Internal Revenue Service before the IRS will close and settle of any case.
We are the fast, friendly and affordable tax firm.
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