Tag Archives: tax credits

FAQ: What is the saver’s credit?

Under Code Sec. 25B, a low-income taxpayer can claim a tax credit for a portion of the amounts contributed to an individual retirement account, 401(k) plan, or other retirement plan. A credit is allowed for up to $2,000 of contributions to qualified retirement savings plans. The maximum credit is $1,000...
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How do I? File an amended return

A taxpayer who discovers an error after filing his or her income tax return may need to file an amended return. A change in filing status, income, deductions, or credits would require an amended return. This could happen, for example, if an investment broker sends a corrected Form 1099 that...
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IRS issues new rules on small employer health insurance credit

Small employers will be able to purchase health insurance for their employees for 2014 and subsequent years, having small employer health insurance now through Small Business Health Options Program (SHOP) Marketplaces. Many of these small employers may also be eligible for the Code Sec. 45R tax credit that helps to...
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