Taxpayers can be missing thousand of dollars worth of tax credits if they do not know how to do the calculations correctly and/or do not understand the tax law. For example:
Form 1040-EZ: Work pay (could be worth $400-$800), Schedule M and govt retiree
credit calculations.
Form 1040-EZ: Work pay (could be worth $400-$800), Schedule M and govt retiree
credit calculations.Form 1040A: Same as above, plus the education
credits (Could be worth $1,000+) and the computation of education interest deductions (could be worth $1,000+).
credits (Could be worth $1,000+) and the computation of education interest deductions (could be worth $1,000+).Form 1040: Work pay ($400-$800) Credit, Schedule M and govt retiree credit calculations. Health
savings account deductions, student loan
interest deductions (could be worth $1,000+).
savings account deductions, student loan interest deductions (could be worth $1,000+).Source IRS (January to December 2010 data)
Hit Counter
Posts
2 comments:
Great reminder. That's why it's pretty important with small businesses to have a payroll service provider who knows what they are doing. Choosing the right payroll service provider can save you money if you shop around for payroll price quotes, if you know your tax service needs, and if you predetermine the features your company requires.
-Sloan
That is correct, that is why I keep stressing the importance of having a CPA on your side. Regardless of the service provider you will be very well served.
Post a Comment