Tax schedule 8880 should be prepared if you contributed money to a traditional or Roth IRA, elective deferrals to a 401K, 403B, governmental 457, SEP plan or voluntary employee contributions to a retirement plan. This form is a credit for qualified... Read More »
I'm going to talk now about retirement savings contribution credit, this is line 33 and you'll see it references form 8880. This is form 8880, Credit for Qualified Retirement Savings Contributions, and you may be able to take this credit. If you'll... Read More »
The child tax credit is a credit given for families with dependent children that meet certain requirements. These requirements apply even to extended members of the family, like nieces and nephews, which are considered your dependents. To claim the child... Read More »
IRS Form 3800 is a summary form on which allowable business credits are aggregated before entering the total on your primary tax return. Various business tax credits, such as investment credit, may entitle you to claim them on Form 3800. Since the... Read More »
When you owe federal, state, local and property taxes and have not paid those amounts in full, the Internal Revenue Service can issue a tax lien against your property. This lien goes on your credit report and may prevent you from obtaining credit. You... Read More »
