Five Important Facts about the Making Work Pay Credit
Many working taxpayers are eligible for the Making Work Pay Tax Credit in 2010. The credit is based on earned income and is claimed on your 2010 tax return when you file your taxes in 2011.
Here are five things the IRS wants you to know about this tax credit to ensure you receive the entire amount for which you are eligible.
1. The Making Work Pay Credit provides a refundable tax credit of up to $400 for individuals and up to $800 for married taxpayers filing joint returns.
2. Most workers received the benefit of the Making Work Pay Credit through larger paychecks, reflecting reduced federal income tax withholding during 2010.
3. Taxpayers who file Form 1040 or 1040A will use Schedule M to figure the Making Work Pay Tax Credit. Completing Schedule M will help taxpayers determine whether they have already received the full credit in their paycheck or are due more money as a result of the credit.
4. Taxpayers who file Form 1040-EZ should use the worksheet for Line 8 on the back of the 1040-EZ to figure their Making Work Pay Credit.
5. You cannot take the credit if your modified adjusted gross income is $95,000 for individuals or $190,000 if married filing jointly or more, you can be claimed as a dependent on someone else return, you do not have a valid social security number or you are a nonresident alien.
Colonial Income Tax Service, LLC can help you with a full range of tax services. Our services include preparing your Federal and state income tax returns, and assisting you with tax planning opportunities. We also do business returns, including corporations, partnerships, LLC’S and trusts. The fees we charge vary depending on the complexity of the tax preparation or planning services you need. We believe our fees are both reasonable and competitive for the professional services we provide.The fee range for our service begins at $100 for Form 1040 with standard deduction, and $250 for a Form 1040, with schedule A – itemizing your deductions, and schedule B – listing your interest and dividends and, state return. Additional forms will increase our time and fee charges. We offer a $20 discount for new clients and our initial meeting to discuss your needs is FREE.
To begin our service we will interview you using our tax data organizer which lists a host of questions and documents we will need to prepare your return. Based on the interview we can prepare an estimate of our fee charges. You decide whether we proceed with your tax return preparation.
In payment we accept cash, checks, money orders, VISA and MasterCard.
Call us today, 302-322-1135, to arrange a FREE initial consultation.
Colonial Income Tax Service LLC
700 Delaware Street
New Castle, DE 19720
Website: www.ColonialIncomeTax.Com
E-Mail: Info@ColonialIncomeTax.com
Twitter: http://twitter.com/ColonialTax
LinkedIn: http://www.linkedin.com/in/colonialtax
Many working taxpayers are eligible for the Making Work Pay Tax Credit in 2010. The credit is based on earned income and is claimed on your 2010 tax return when you file your taxes in 2011.
Here are five things the IRS wants you to know about this tax credit to ensure you receive the entire amount for which you are eligible.
1. The Making Work Pay Credit provides a refundable tax credit of up to $400 for individuals and up to $800 for married taxpayers filing joint returns.
2. Most workers received the benefit of the Making Work Pay Credit through larger paychecks, reflecting reduced federal income tax withholding during 2010.
3. Taxpayers who file Form 1040 or 1040A will use Schedule M to figure the Making Work Pay Tax Credit. Completing Schedule M will help taxpayers determine whether they have already received the full credit in their paycheck or are due more money as a result of the credit.
4. Taxpayers who file Form 1040-EZ should use the worksheet for Line 8 on the back of the 1040-EZ to figure their Making Work Pay Credit.
5. You cannot take the credit if your modified adjusted gross income is $95,000 for individuals or $190,000 if married filing jointly or more, you can be claimed as a dependent on someone else return, you do not have a valid social security number or you are a nonresident alien.
Colonial Income Tax Service, LLC can help you with a full range of tax services. Our services include preparing your Federal and state income tax returns, and assisting you with tax planning opportunities. We also do business returns, including corporations, partnerships, LLC’S and trusts. The fees we charge vary depending on the complexity of the tax preparation or planning services you need. We believe our fees are both reasonable and competitive for the professional services we provide.The fee range for our service begins at $100 for Form 1040 with standard deduction, and $250 for a Form 1040, with schedule A – itemizing your deductions, and schedule B – listing your interest and dividends and, state return. Additional forms will increase our time and fee charges. We offer a $20 discount for new clients and our initial meeting to discuss your needs is FREE.
To begin our service we will interview you using our tax data organizer which lists a host of questions and documents we will need to prepare your return. Based on the interview we can prepare an estimate of our fee charges. You decide whether we proceed with your tax return preparation.
In payment we accept cash, checks, money orders, VISA and MasterCard.
Call us today, 302-322-1135, to arrange a FREE initial consultation.
Colonial Income Tax Service LLC
700 Delaware Street
New Castle, DE 19720
Website: www.ColonialIncomeTax.Com
E-Mail: Info@ColonialIncomeTax.com
Twitter: http://twitter.com/ColonialTax
LinkedIn: http://www.linkedin.com/in/colonialtax
No comments:
Post a Comment