It’s not too late to file your 2011 tax return

Image

Income tax Services – Believe it or not, your kids don’t always have to separate you from your money. Sometimes they can actually help you keep some. If you haven’t filed your 2011 tax return yet, you have five good reasons to file today.  

Adoption Credit

You may be able to take a tax credit for qualifying expenses paid to adopt an eligible child. In general, the credit is based on the reasonable and necessary expenses related to a legal adoption, including adoption fees, court costs, attorney’s fees and travel expenses. For tax year 2011, the adoption credit, at up to $13,360 per child, is the largest refundable tax credit available to individual taxpayers.

Child Tax Credit

You may be able to take this credit for each of your children under age 17. The Child Tax Credit may be worth as much as $1,000 per qualifying child depending on your income. If you can’t claim the full amount of the Child Tax Credit, you may be eligible for the Additional Child Tax Credit. 

Child and Dependent Care Credit

You may be able to claim the Child and Dependent Care Credit if you pay someone to care for your children, age 13 or younger, so you can work or look for work.

Earned Income Tax Credit

The EITC is a tax benefit for people who work and have earned income from wages, self-employment or farming. EITC reduces the amount of tax owed and may also give a refund. To qualify, you must meet certain requirements and file a tax return — even if you don’t owe any tax or aren’t required to file, you must file to claim the credit.

Education Credit

Education tax credits can help offset the costs of higher education by letting people claim qualifying education-related expenses. The American Opportunity Tax Credit and the Lifetime Learning Credit can be subtracted in full from federal income tax, not just deducted from taxable income. A portion of the American Opportunity Tax Credit is refundable if no other outstanding debt exists.

For information about these credits and much, contact us today to for Free Consultation! 

ABA Tax Accounting

Amare Berhie, Senior Tax Accountant

amare@abataxaccounting.com

612-282-3200

866-936-0430 Toll free

http://www.abataxaccounting.com

Advertisements

The URI to TrackBack this entry is: https://abataxaccounting.wordpress.com/2012/09/07/its-not-too-late-to-file-your-2011-tax-return/trackback/

RSS feed for comments on this post.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: