Following are some generally recognized financial planning tools that may help you reduce your tax bill.
Charitable Giving - Instead of selling your appreciated long-term securities, donate the stock and avoid paying tax on
the unrealized gain while still getting a charitable tax deduction for the full fair market value.
Health Savings Accounts (HSAs) - If you have a high deductible medical plan you can open an HSA and make tax deductible
contributions to your account to pay for medical expenses. Unlike flexible spending arrangements (FSAs), the contributions
can carry over for medical expenses in future years.
Roth IRAs - Contributions to a Roth IRA are not tax deductible but qualified distributions, including earnings, are tax-free.
Municipal Bonds - Interest earned on these types of investments is tax-exempt.
Retirement Plans - Participate in your employer sponsored retirement plan, especially if there is a matching component.
Contributions are generally pre-tax and the tax-deferred compounding can add up to a large retirement savings.
If you own a home, and you itemize your deductions on Schedule A, you can claim a deduction for the interest paid. To be
deductible, the interest you pay must be on a loan secured by your main home or a second home (including a second home that
is also rented out for part of the year, so long as the personal use requirement is met). The loan can be a first or second
mortgage, or a home improvement loan. To be deductible, the loan must be secured by your home and the proceeds must be used
to buy, build, or substantially improve your home.
The interest deduction for home acquisition debt (that is, a loan taken out after December 15, 2017, to buy, build, or
substantially improve a qualified home) is limited to debt of $750,000 ($375,000 if married filing separately). For home
acquisition indebtedness incurred prior to December 16, 2017, the debt limit is $1 million ($500,000 if
married filing separately).
In addition to the deduction for mortgage interest, points paid on the original purchase of your residence are also generally
deductible. For more information about the mortgage interest deduction, see IRS Publication 936.
A Coverdell ESA is a savings account created as an incentive to help parents and students save for education expenses.
The total contributions for the beneficiary (who is under age 18 or is a special needs beneficiary) of this account in any
year cannot be more than $2,000, no matter how many accounts have been established. The beneficiary will not owe tax on the
distributions if, for a year, the distributions from an account are not more than a beneficiary's qualified education
expenses at an eligible education institution. This benefit applies to higher education expenses as well as to elementary
and secondary education expenses.
Generally, any individual (including the beneficiary) can contribute to a Coverdell ESA if the individual's income is less
than an annual maximum.
You may be able to take a tax deduction for contributions to a traditional IRA, depending on whether you or your spouse,
if filing jointly, are covered by an employer's retirement plan and how much total income you have. Funds in the account
grow tax tax-deferred, and you pay tax when you take distributions. Conversely, you cannot deduct Roth IRA contributions,
but the earnings on a Roth IRA may be tax-free if you meet the conditions for a qualified distribution.
Generally, as long as you have enough earned income, you can contribute up to the annual limit plus an additional catch-up
contribution if you are age 50 or older. You can fund a traditional IRA, a Roth IRA or both, but your total contributions
cannot be more than these annual limits. Also, Roth IRAs are subject to income-based contribution limits.
Almost everything you own and use for personal purposes, pleasure or investment is a capital asset. The IRS says when you
sell a capital asset, such as stocks, the difference between the amount you sell it for and your basis, which is usually
what you paid for it, is a capital gain or a capital loss.
While you must report all capital gains, you may deduct only your capital losses on investment property, not personal
property. A “paper loss” — a drop in an investment's value below its purchase price — does not qualify for the deduction.
The loss must be realized through the capital asset's sale or exchange.
Capital gains and losses are classified as long-term or short-term, depending on how long you hold the property before
you sell it. If you hold it more than one year, your capital gain or loss is long-term. If you hold it one year or less,
your capital gain or loss is short-term. For more information on the tax rates, refer to IRS Publication 544, Sales and
Other Dispositions of Assets. If your capital losses exceed your capital gains, the excess is subtracted from other income
on your tax return, up to an annual limit of $3,000 ($1,500 if you are married filing separately). Unused capital losses
can be carried over indefinitely to future years to net against capital gains, but the annual limit still applies.
Have you just started a new business? Did you know expenses incurred before a business begins operations are not allowed
as current deductions? Generally, these start-up costs must be amortized over a period of 180 months beginning in the
month in which the business begins. However, based on the current tax provisions, you may elect to deduct up to $5,000 of
business start-up and $5,000 of organizational costs paid or incurred.
The $5,000 deduction is reduced by any start-up or
organizational costs which exceed $50,000. If you want to deduct a larger portion of your start-up cost in the first year,
a new business will want to begin operations as early as possible and hold off incurring some of those expenses until after
business begins.
Contact us to help determine how you can maximize your deduction for start-up and/or organizational
expenses. For additional information on what costs constitute start-up or organizational expenses, refer to IRS publication 535,
Business Expenses.
If you're trying to beat the tax deadline, there are several options for last-minute help. If you need a form or publication,
you can download copies from the IRS Forms page under Tax Tools on our website. If you find you need more time to finish
your return, you can get a six-month extension of time to file using Form 7004, Application for Automatic Extension of Time
to File Certain Business Income Tax, Information, Other Returns. And if you have trouble paying your tax bill, the IRS has
several payment options available.
The extension will give you extra time to get the paperwork to the IRS, but it does not extend the time you have to pay any
tax due. You have to make an accurate estimate of any tax due when you request an extension. You can also send a payment
for the expected balance due, but this is not required to get the extension. However, you will owe interest on any amounts
not paid by the original filing deadline, plus a late payment penalty if you have paid less than 90 percent of your total
tax by that date.
It is generally accepted that people prefer to make a living doing something they like. A hobby is an activity for
which you do not expect to make a profit. If you do not carry on your business or investment activity to make a profit,
there is a limit on the deductions you can take. You must include on your return income from an activity from which you
do not expect to make a profit. An example of this type of activity is a hobby or a farm you operate mostly for recreation
and pleasure. You cannot use a loss from the activity to offset other income. Activities you do as a hobby, or mainly for
sport or recreation, come under this limit. So does an investment activity intended only to produce tax losses for the investors.
The limit on not-for-profit losses applies to individuals, partnerships, estates, trusts, and S corporations. For additional
information on these entities, refer to business structures. It does not apply to corporations other than S corporations.
In determining whether you are carrying on an activity for profit, all the facts are taken into account. No one factor alone
is decisive. Among the factors to consider are whether:
Are you in the middle of a disagreement with the IRS? One of the guaranteed rights for all taxpayers is the right to appeal.
If you disagree with the IRS about the amount of your tax liability or about proposed collection actions, you have the
right to ask the IRS Appeals Office to review your case.
IRS Publication 1, Your Rights as a Taxpayer, explains some of your most important taxpayer rights. During their contact
with taxpayers, IRS employees are required to explain and protect these taxpayer rights, including the right to appeal.
The IRS appeals system is for people who do not agree with the results of an examination of their tax returns or other
adjustments to their tax liability. In addition to examinations, you can appeal many other things, including:
If you are self-employed and you use a portion of your home exclusively and regularly for business purposes, you may be
ble to take a home office deduction.
You can deduct certain expenses if your home office is the principal place where your trade or business is conducted or
where you meet and deal with clients or patients in the course of your business. If you use a separate structure not
attached to your home for an exclusive and regular part of your business, you can deduct expenses related to it.
Your home office will qualify as your principal place of business if you use it exclusively and regularly for the
administrative or management activities associated with your trade or business. There must be no other fixed place
where you conduct substantial administrative or management activities. If you use both your home and other locations
regularly in your business, you must determine which location is your principal place of business, based on the relative
importance of the activities performed at each location. If the relative importance factor doesn't determine your principal
place of business, you can also consider the time spent at each location.
Generally, the amount you can deduct depends on the percentage of your home used for business. Your deduction will be
limited if your gross income from your business is less than your total business expenses.
Are you expecting a tax refund from the Internal Revenue Service this year? If you file a complete and accurate paper tax
return, your refund should be issued in about six to eight weeks from the date IRS receives your return. If you file your
return electronically, your refund should be issued in about half the time it would take if you filed a paper return — even
faster when you choose direct deposit.
You can have a refund check mailed to you, or you may be able to have your refund electronically deposited directly into
your bank account. Direct deposit into a bank account is more secure because there is no check to get lost. And it takes
the U.S. Treasury less time than issuing a paper check. If you prepare a paper return, complete Form 8050, making sure that
the routing and account numbers are accurate, and attach it to the corporation's tax return. Note that Form 8050 may only be
filed with the original Form 1120 or 1120S, and the corporation is not eligible to receive direct deposit if the receiving
financial institution is a foreign bank, or foreign branch of a U.S. bank. Incorrect numbers can cause your refund to be
misdirected or delayed. Direct deposit is also available if you electronically file your return.
You may not receive your refund as quickly as you expected. A refund can be delayed for a variety of reasons. For example,
a name or identification number and Social Security number listed on the tax return may not match the IRS records. You may have
failed to sign the return or to include a necessary attachment, such as Form W-2, Wage and Tax Statement. Or you may have made
math errors that require extra time for the IRS to correct.
It's a moment any taxpayer dreads. An envelope arrives from the IRS — and it's not a refund check. But don't panic. Many
IRS letters can be dealt with simply and painlessly.
Each year, the IRS sends millions of letters and notices to taxpayers to request payment of taxes, notify them of a change
to their account or request additional information. The notice you receive normally covers a very specific issue about your
account or tax return. Each letter and notice provides specific instructions explaining what you should do if action is
necessary to satisfy the inquiry. Most notices also give a phone number to call if you need further information.
Most correspondence can be handled without calling or visiting an IRS office, if you follow the instructions in the letter
or notice. However, if you have questions, call the telephone number in the upper right-hand corner of the notice, or call
the IRS at 1-800-829-1040. Have a copy of your tax return and the correspondence available when you call so your account can
be readily accessed.
Before contacting the IRS, review the correspondence and compare it with the information on your return. If you agree with
the correction to your account, no reply is necessary unless a payment is due. If you do not agree with the correction the
IRS made, it is important that you respond as requested. Write an explanation why you disagree and include any documents and
information you wish the IRS to consider. Mail your information along with the bottom tear-off portion of the notice to the
address shown in the upper left-hand corner of the IRS correspondence. Allow at least 30 days for a response.
Sometimes, the IRS sends a second letter or notice requesting additional information or providing additional information to you.
Be sure to keep copies of any correspondence with your records. If you've received a notice and are confused about what to do next,
please contact us and we can help!
When preparing to file your federal tax return, don't forget your contributions to charitable organizations. Your
donations (up to 10% of taxable income) can add up to a nice tax deduction for your corporation.
Here are a few tips to help make sure your contributions pay off on your tax return:
You cannot deduct contributions made to specific individuals, political organizations and candidates, the value of your
time or services and the cost of raffles, bingo, or other games of chance. To be deductible, contributions must be made
to qualified organizations. Cash contributions must be substantiated by a bank record, or a receipt, letter or other written
communication from the donee organization indicating the name of the organization, the date of the contribution, and the
amount of the contribution. In addition, if the contribution is $250 or more, a written acknowledgement showing the amount
of cash contributed, any property contributed, and a description and a good faith estimate of the value of any goods or
services provided in return for the contribution or statement that no goods or services were provided in return for the
contribution, is required. Non-cash contributions over $500 must be supported by an attachment to the return which states
the kind of property contributed, along with the method used to determine its fair market value. Form 8283, Non-cash Charitable
Contributions is required for contributions with a claimed value of more than $5,000. Contributions which exceed the 10%
limitation can be carried over for five years.
The tax code provides a variety of tax incentives for families who are paying higher education costs or are repaying
student loans. You may be able to claim an American Opportunity Credit (formerly called the Hope Credit) or Lifetime
Learning Credit for the qualified tuition and related expenses of the students in your family (i.e., you, your spouse,
or dependent) who are enrolled in eligible educational institutions. Different rules apply to each credit and the ability
to claim the credit phases out at higher income levels.
You may be able to deduct interest you pay on a qualified student loan. The deduction is claimed as an adjustment to income,
so you do not have to itemize your deductions on Schedule A Form 1040. However, this deduction is also phased out at higher
income levels.
Forgiven debt is typically treated as taxable income, but if your student loan is forgiven, you may not have to include any
amount in income.
Whether or not you owed taxes or received a refund last year, check your tax withholding to avoid having too little
tax withheld and facing an unexpected tax bill or penalty at tax time next year. On the other hand, if you have too much
withheld and receive a large refund, you will have lost out on having the money in your pocket throughout the year. Changing
jobs, getting married or divorced, buying a home or having children can all result in changes in your tax calculations.
The IRS withholding calculator on IRS.gov can help compute the proper tax withholding. The worksheets in Publication 505,
Tax Withholding and Estimated Tax, can also be used to do the calculation. If the result suggests an adjustment is necessary,
you can submit a new W-4, Withholding Allowance Certificate, to your employer.
The IRS reminds taxpayers that specific rules apply for taking a tax deduction for donating cars to charities. If the
claimed value of the donated motor vehicle, boat or plane exceeds $500, you can deduct the smaller of the vehicle's FMV
on the date of the contribution or the gross proceeds received from the sale of the vehicle.
People who want to take a deduction for the donation of their vehicle on their tax return should take quite a few steps,
but here is the most obvious:
If you gave any one person gifts valued at more than the gift tax annual exclusion amount, it is necessary to report
the total gift to the Internal Revenue Service. You may even have to pay tax on the gift.
The person who received your gift does not have to report the gift to the IRS or pay either gift or income tax on its value.
You make a gift when you give property, including money, or the use of or income from property, without expecting to
receive something of equal value in return. If you sell something at less than its value or make an interest-free or
reduced-interest loan, you may be making a gift.
There are some exceptions to the tax rules on gifts. The following gifts do not count against the annual limit:
If you're trying to beat the tax deadline, there are several options for last-minute help. If you need a form or publication,
you can download copies from the IRS Forms page under Tax Tools on our website. If you find you need more time to finish your
return, you can get a six month extension of time to file using Form 4868, Application for Automatic Extension of Time to File
U.S. Individual Income Tax Return. And if you have trouble paying your tax bill, the IRS has several payment options available.
The extension will give you extra time to get the paperwork to the IRS, but it does not extend the time you have to pay any
tax due. You have to make an accurate estimate of any tax due when you request an extension. You can also send a payment for
the expected balance due, but this is not required to get the extension. However, you will owe interest on any amounts not
paid by the April 15 deadline, plus a late payment penalty if you have paid less than 90 percent of your total tax by that date.
Are you expecting a tax refund from the Internal Revenue Service this year? If you file a complete and accurate paper tax
return, your refund should be issued in about six to eight weeks from the date IRS receives your return. If you file your
return electronically, your refund should be issued in about half the time it would take if you filed a paper return — even
faster when you choose direct deposit.
You can have a refund check mailed to you, buy up to $5,000 in U.S. Series I Savings Bonds with your refund, or you may
be able to have your refund electronically deposited directly into your bank account (either in one account, or in multiple
accounts). Direct deposit into a bank account is more secure because there is no check to get lost. And it takes the U.S.
Treasury less time than issuing a paper check. If you prepare a paper return, fill in the direct deposit information in the
“Refund” section of the tax form, making sure that the routing and account numbers are accurate. Incorrect numbers can cause
your refund to be misdirected or delayed. Direct deposit is also available if you electronically file your return.
A few words of caution — some financial institutions do not allow a joint refund to be deposited into an individual account.
Check with your bank or other financial institution to make sure your direct deposit will be accepted.
You may not receive your refund as quickly as you expected. A refund can be delayed for a variety of reasons. For example, a
name and Social Security number listed on the tax return may not match the IRS records. You may have failed to sign the return
or to include a necessary attachment, such as Form W-2, Wage and Tax Statement. Or you may have made math errors that require
extra time for the IRS to correct.
To check the status of an expected refund, use "Check your Federal Refund" an interactive tool available on our Links page.
Simple online instructions guide you through a process that checks the status of your refund after you provide identifying
information from your tax return. Once the information is processed, results could be one of several responses.
Do you work at a hair salon, barber shop, casino, golf course, hotel or restaurant or drive a taxicab? The tip
income you receive as an employee from those services is taxable income, advises the IRS.
As taxable income, these tips are subject to federal income, Social Security and Medicare taxes, and may be subject
to state income tax as well.
You must keep a running daily log of all your tip income and tips paid out. This includes cash that you receive directly
from customers, tips from credit card charges from customers that your employer pays you, the value of any non-cash tips
such as tickets or passes that you receive, and the amount of tips you paid out to other employees through tip pools or
tip splitting and the names of those employees.
You can use IRS Publication 1244, Employee's Daily Record of Tips and Report of Tips to Employer, to record your tip
income. For a free copy of Publication 1244, call the IRS toll free at 1-800-TAX-FORM (1-800-829-3676).
If you receive $20 or more in tips in any one month, you should report all your tips to your employer. Your employer
is required to withhold federal income, Social Security and Medicare taxes and to report the correct amount of your
earnings to the Social Security Administration (which will affect your benefits when you retire or if you become disabled,
or your family's benefits if you die). Contact us so your wages are properly reported.
Newlyweds and the recently divorced should make sure that names on their tax returns match those registered with the Social
Security Administration (SSA). A mismatch between a name on the tax return and a Social Security number (SSN) could cause your
tax return to be rejected by the IRS.
For newlyweds, the tax scenario can begin when the bride says "I do" and takes her husband's surname, but doesn't tell the SSA
about the name change. If the couple files a joint tax return with her new name, the IRS computers will not be able to match the
new name with the SSN.
Similarly, after a divorce, a woman who had taken her husband's name and had made that change known to the SSA should contact the
SSA if she reassumes a previous name.
It's easy to inform the SSA of a name change by filing Form SS-5 at a local SSA office. It usually takes two weeks to have the
change verified. The form is available on the agency's Web site, www.ssa.gov, by calling toll free 1-800-772-1213 and at local
offices. The SSA Web site provides the addresses of local offices. Alternatively, please contact us as we can be of even greater
assistance with your spousal situation.
Oops! You've discovered an error after your tax return has been filed. What should you do? You may need to amend your return.
The IRS usually corrects math errors or requests missing forms (such as W-2s) or schedules. In these instances, do not
amend your return. However, do file an amended return if any of the following were reported incorrectly:
Taxpayers who refinanced their homes may be eligible to deduct some costs associated with their loans.
Generally, for taxpayers who itemize, the “points” paid to obtain a home mortgage may be deductible as mortgage interest.
Points paid to obtain an original home mortgage can be, depending on circumstances, fully deductible in the year paid. However,
points paid solely to refinance a home mortgage usually must be deducted over the life of the loan.
For a refinanced mortgage, the interest deduction for points is determined by dividing the points paid by the number of payments to
be made over the life of the loan. This information is usually available from lenders. Taxpayers may deduct points only for those
payments made in the tax year. For example, a homeowner who paid $2,000 in points and who would make 360 payments on a 30-year mortgage
could deduct $5.56 per monthly payment, or a total of $66.72 if he or she made 12 payments in one year.
However, if part of the refinanced mortgage money was used to finance improvements to the home and if the taxpayer meets certain other
requirements, the points associated with the home improvements may be fully deductible in the year the points were paid. Also, if a
homeowner is refinancing a mortgage for a second time, the balance of points paid for the first refinanced mortgage may be fully
deductible at pay off.
Other closing costs — such as appraisal fees and other non-interest fees — generally are not deductible. Additionally, the amount of
Adjusted Gross Income can affect the amount of deductions that can be taken.
If you can't meet the April 15 deadline to file your tax return, you can get an automatic six-month extension of time to file
from the IRS. The extension will give you extra time to get the paperwork into the IRS, but it does not extend the time you have to
pay any tax due. You will owe interest on any amounts not paid by the April deadline, plus a late payment penalty if you have paid
less than 90 percent of your total tax by that date.
You must make an accurate estimate of any tax due when you request an extension. You may also send a payment for the expected
balance due, but this is not required to obtain the extension.
To get the automatic extension, file Form 4868, Application for Extension of Time to File U.S. Individual Income Tax Return,
with the IRS by the April 15 deadline, or make an extension-related electronic payment. You can file your extension request by
computer or mail the paper Form 4868 to the IRS.
The system will give you a confirmation number to verify that the extension request has been accepted. Put this confirmation
number on your copy of Form 4868 and keep it for your records. Do not send the form to the IRS.
Earlier is better when it comes to working on your taxes. The IRS encourages everyone to get a head start on tax preparation.
Not only do you avoid the last-minute rush, early filers also get a faster refund.
There are five easy ways to get a good jump on your taxes long before the April 15 deadline rolls around:
If you sold your main home, you may be able to exclude up to $250,000 of gain ($500,000 for married taxpayers filing
jointly) from your federal tax return. This exclusion is allowed each time that you sell your main home, but generally
no more frequently than once every two years.
To be eligible for this exclusion, your home must have been owned by you and used as your main home for a period of at
least two out of the five years prior to its sale. You also must not have excluded gain on another home sold during the
two years before the current sale.
If you and your spouse file a joint return for the year of the sale, you can exclude the gain if either of you qualify
for the exclusion. But both of you would have to meet the use test to claim the $500,000 maximum amount.
To exclude gain, a taxpayer must both own and use the home as a principal residence for two of the five years before
the sale. The two years may consist of 24 full months or 730 days. Short absences, such as for a summer vacation, count
as periods of use. Longer breaks, such as a one-year sabbatical, do not.
If you do not meet the ownership and use tests, you may be allowed to exclude a reduced maximum amount of the gain
realized on the sale of your home if you sold your home due to health, a change in place of employment, or certain
unforeseen circumstances. Unforeseen circumstances include, for example, divorce or legal separation, natural or man-made
disaster resulting in a casualty to your home, or an involuntary conversion of your home.
Did you know that you may be able to deduct certain taxes on your federal income tax return? The IRS says you can if you
file Form 1040 and itemize deductions on Schedule A. Deductions decrease the amount of income subject to taxation. There are
three types of deductible non-business taxes:
Millions of Americans forgo critical tax relief each year by failing to claim the Earned Income Tax Credit (EITC), a
federal tax credit for individuals who work but do not earn high incomes. Taxpayers who qualify and claim the credit
could pay less federal tax, pay no tax or even get a tax refund.
The IRS estimates that 25 percent of people who qualify don't claim the credit and at the same time, there are millions
of Americans who have claimed the credit in error, many of whom simply don't understand the criteria.
EITC is based on the amount of your earned income and the number of qualifying children in your household. If you have
children, they must meet the relationship, age and residency requirements. And, you must file a tax return to claim the credit.
Its easier than ever to find out if you qualify for EITC using the online tool, EITC Assistant. Please contact us for
more information!
Are you eligible for any of these tax credits?
Taxpayers should consider claiming tax credits for which they might be eligible when completing their federal income
tax returns, advises the IRS. A tax credit is a dollar-for-dollar reduction of taxes owed. Some credits are refundable – taxes
could be reduced to the point that a taxpayer would receive a refund rather than owing any taxes. Below are some of the credits
taxpayers could be eligible to claim:
Earned Income Tax Credit This is a refundable credit for low-income working individuals and families. Income and family size
determine the amount of the EITC. When the EITC exceeds the amount of taxes owed, it results in a tax refund to those who claim
and qualify for the credit. For more information, see IRS Publication 596, Earned Income Credit (EIC).
Child Tax Credit This credit is for people who have a qualifying child under age 17.Under the Tax Cuts and Jobs Act, the
maximum amount of the credit is $2,000 for each qualifying child through 2025. This credit can be claimed in addition to the
credit for child and dependent care expenses. For more information on the Child Tax Credit, see Publication 972,
Child Tax Credit.
Child and Dependent Care Credit This is for expenses paid for the care of children under age 13, or for a disabled spouse or
dependent, to enable the taxpayer to work. There is a limit to the amount of qualifying expenses. The credit is a percentage
of those qualifying expenses. For more information, see Publication 503, Child and Dependent Care Expenses.
Adoption Credit Adoptive parents can take a tax credit of up to certain limits for qualifying expenses paid to adopt an
eligible child. For more information, see Form 8839, Qualified Adoption Expenses.
Credit for the Elderly and Disabled This credit is available to individuals who are either age 65 or older or are under age
65 and retired on permanent and total disability, and who are U.S. citizens or residents. There are income limitations. For
more information, see Publication 524, Credit for the Elderly or the Disabled.
Education Credits There are two credits available, the American Opportunity Credit (formerly called the Hope Credit) and the
Lifetime Learning Credit, for people who pay higher education costs. The American Opportunity Credit is for the payment of
the first four years of tuition and related expenses for an eligible student for whom the taxpayer claims as a dependent on
the tax return. The Lifetime Learning Credit is available for all post-secondary education for an unlimited number of years.
A taxpayer cannot claim both credits for the same student in one year. For more information, see Publication 970, Tax Benefits
for Education.
Retirement Savings Contribution Credit Eligible individuals may be able to claim a credit for a percentage of their qualified
retirement savings contributions, such as contributions SIMPLE plan. To be eligible, you must be at least age 18 at the end of
the year and not a full-time student or an individual for whom someone else claims a personal exemption. Also, your adjusted
gross income (AGI) must be below a certain amount. For more information, see chapter three in Publication 590-A, Contributions
to Individual Retirement Arrangements (IRAs).
There are other credits available to eligible taxpayers. Please contact us so we may analyze your specific situation, and
offer advice.
If you need federal tax information, the IRS provides free Spanish language products and services. Pages on IRS.gov, tax topics, refund information, tax publications and toll-free telephone assistance are all available in the Spanish-language. The Spanish-language page has links to tax information such as forms and publications, warnings about tax scams that victimize taxpayers, information on the Earned Income, child and various other tax credits, and more.
Monday to Friday
9:00 a.m. to 5:00 p.m.