6 More Days to Receive
2 Tickets For The iPad Drawing in March
+ 5 Tax Credits that Can Reduce Your Taxes
+ "Like" us on Facebook
wanted to let you know that as of today we now have 243
tickets in for the drawing for the iPad with Retina Display.
Everyone who brought their tax
return information in during February received 3 tickets for
And for these last days in March
(if you have not done so already) when you bring in your
tax return information you will receive 2 tickets for
the iPad drawing!
Don't wait until next month in
April as you will only receive 1 ticket for the drawing.
Also don't forget that when you
REFER someone to us this tax season, you receive a $50.00
CREDIT on your tax return fee (plus the person you refer
received 3 tickets for the iPad drawing too!).
Call our office at 704-552-8689
if you have a question or are ready to get started!
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.
Here are five credits the IRS 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, use the EITC Assistant tool on IRS.gov to
see if you qualify. For more information, see Publication 596,
Earned Income 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. For more information, see
Publication 503, Child and Dependent Care Expenses.
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. See Publication 972, Child Tax Credit, for more
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
Make sure you qualify before claiming any tax credit. You can
always visit IRS.gov to learn about the rules.
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questions about these or any other accounting, tax,
financial planning or Quickbooks related issues, at
W. Edward Newton Jr.,
Certified Public Accountant