Fall 2014 Newsletter: Beware emails from the “IRS.” Update_Fall2014.pdf

Summer 2014 Newsletter: Prepare for the Medicare surtax in your 2014 planning. Update-Summer2014.pdf

Winter 2013 CLIENT UPDATE Newsletter: Heath-care reform law gets underway for individuals. Update-Winter2013.pdf.

Fall 2013 CLIENT UPDATE Newsletter: Do you have obsolete inventory? Update-Fall2013.pdf.

Spring 2013 CLIENT UPDATE Newsletter: Tax legislation effects: Update-Spring2013.pdf.

Winter 2012 CLIENT UPDATE Newsletter: Year-end checklist for taxes: Update-Winter2012.pdf.

Fall 2012 CLIENT UPDATE Newsletter: Supreme Court upholds 2010 health care law: Update-Fall2012.pdf.

Summer 2012 CLIENT UPDATE Newsletter: Diversify investments by focusing on taxes: Update-Summer2012.pdf.

Spring 2012 CLIENT UPDATE Newsletter: 12 ways to improve your financial health in 2012: Update-Spring2012.pdf.

Winter 2011 CLIENT UPDATE Newsletter: Tax rules can provide relief when disaster strikes.  Update-Winter2011.pdf.

Fall 2011 CLIENT UPDATE Newsletter: New bonus depreciation rules.  UpdateFall2011.pdf.

Spring 2011 CLIENT UPDATE Newsletter: New tax rules offer opportunities. Are you saving enough?UpdateSpr2011.pdf.

Winter 2010 CLIENT UPDATE Newsletter: Small Business Jobs Act restores familiar tax breaks. UpdateWinter10.pdf.

Fall 2010 CLIENT UPDATE Newsletter: New 2010 tax credit available to small businesses.  ClientUpdateFall10.pdf.

Summer 2010 CLIENT UPDATE: Health care reform includes current and future tax changes.  ClientUpdate.pdf.

October 2015

Do I qualify for the Saver’s Credit? 

  1. If you contribute to a retirement plan, like a 401(k) plan or an IRA, you may be able to claim a Retirement Savings Contribution Credit, otherwise known as the Saver’s Credit on your Federal income tax return. This credit can help you save for retirement and reduce the taxes you owe. The Saver’s Credit is in addition to other tax savings you get if you set aside money for retirement such as deductible contributions to a traditional IRA.

  2. Here are some key facts that you should know about this important tax credit:

  3. The maximum Saver’s Credit that can be taken is $2,000 if you are married and file a joint return and up to $1,000 if you are single.

  4. •  For 2014, you may have been eligible for the credit on if you were:

  5. Married filing jointly with income up to $60,000

  6. Head of household with income up to $45,000

  7. Married filing separately or a single taxpayer with income up to $30,000

  8. •  Other rules that apply to the credit include:

  9. You must be at least 18 years of age.

  10. You can’t have been a full-time student in 2014.

  11. No other person can claim you as a dependent on their tax return.

  12. •  You must have contributed to a 401(k) plan or similar workplace plan by the end of the year to claim this credit. However, you can contribute to an IRA by the initial due date of your tax return (generally April 15th) and still have it count for the return year you are filing.

  13. •  File Form 8880, Credit for Qualified Retirement Savings Contributions, to claim the credit.

Question/Answer Archives: 2015

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