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+ 8 Tax Savers for Parents +
Dozen" Tax Scams for 2014
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8 Tax Savers for Parents
children may help you qualify for valuable tax benefits.
Here are eight tax benefits parents should look out for when
filing their federal tax returns this year.
Dependents. In most cases, you can claim your child as a
dependent. This applies even if your child was born anytime in
Child Tax Credit. You may be able to claim the Child Tax
Credit for each of your qualifying children under the age of
17 at the end of 2013. The maximum credit is $1,000 per child.
If you get less than the full amount of the credit, you may be
eligible for the Additional Child Tax Credit.
Child and Dependent Care Credit. You may be able to claim
this credit if you paid someone to care for one or more
qualifying persons. Your dependent child or children under age
13 are among those who are qualified. You must have paid for
care so you could work or look for work.
Earned Income Tax Credit. If you worked but earned less
than $51,567 last year, you may qualify for EITC. If you have
3 qualifying children, you may get up to $6,044 as EITC when
you file and claim it on your tax return.
Adoption Credit. You may be able to claim a tax credit for
certain expenses you paid to adopt a child.
Higher education credits. If you paid for higher education
for yourself or an immediate family member, you may qualify
for either of two education tax credits. Both the American
Opportunity Credit and the Lifetime Learning Credit may reduce
the amount of tax you owe. If the American Opportunity Credit
is more than the tax you owe, you could be eligible for a
refund of up to $1,000.
Student loan interest. You may be able to deduct interest
you paid on a qualified student loan, even if you don’t
itemize deductions on your tax return.
Self-employed health insurance deduction. If you were
self-employed and paid for health insurance, you may be able
to deduct premiums you paid to cover your child under the
Affordable Care Act. It applies to children under age 27 at
the end of the year, even if not your dependent.
If you have any questions on these eight or
other related tax issues, don't hesitate to call me here at
the office at 426-0000.
the “Dirty Dozen” Tax Scams for 2014; Identity Theft, Phone
Scams Lead List |
— The Internal Revenue Service today issued its annual
“Dirty Dozen” list of tax scams,
reminding taxpayers to use caution during tax season to
protect themselves against a wide range of schemes ranging
from identity theft to return preparer fraud.
The Dirty Dozen listing, compiled by the IRS each year,
lists a variety of common scams taxpayers can encounter at any
point during the year. But many of these schemes peak during
filing season as people prepare their tax returns.
"Taxpayers should be on the lookout for tax
scams using the IRS name," said IRS Commissioner John Koskinen.
"These schemes jump every year at tax time. Scams can be
sophisticated and take many different forms. We urge people to
protect themselves and use caution when viewing e-mails,
receiving telephone calls or getting advice on tax issues."
Illegal scams can lead to significant penalties
and interest and possible criminal prosecution. IRS Criminal
Investigation works closely with the Department of Justice
(DOJ) to shutdown scams and prosecute the criminals behind
You can read about these in more detail on the
IRS website by
clicking here but here are bullet points of their Dirty
Dozen tax scams for 2014:
1. Identity Theft
2. Pervasive Telephone Scams
4. False Promises of “Free Money” from Inflated Refunds
5. Return Preparer Fraud
6. Hiding Income Offshore
7. Impersonation of Charitable Organizations
8. False Income, Expenses or Exemptions
9. Frivolous Arguments
10. Falsely Claiming Zero Wages or Using False Form
11. Abusive Tax Structures
12. Misuse of Trusts
If you think you've been taken advantage of
using one of these scams, feel free to call me here at the
office at 502-426-0000. Remember that tax scams can take
many forms beyond the "Dirty Dozen," and you should always be
on the lookout for many other schemes. More information
on tax scams is available at IRS.gov.
Remember you can call our offices if you have any
questions about these or any other bookkeeping, accounting, tax,
financial planning or insurance related issues, at
Regards, Kevin Roberts, CPA
President, Roberts CPA Group