nonrefundable tax credits

Nonrefundable Credits

Tax Credits

• Child tax credit• Additional Child Tax

Credit• Child Care Expenses

What is a nonrefundable tax credit?• A nonrefundable

credit is limited to the tax liability

What is your tax

Your tax is your tax liability

Nonrefundable Credits Child Tax

Credit

$1000 per child

No limit to the number of qualifying children

We calculate your

Two Limits to the credit

Child Tax Credit

Tax Liability

AGI Phaseout

This is your tax on page 2 your 1040

AGI Phaseout This is your adjusted gross income from page 1 of 1040

Tax Liability

Child Tax Credit

AGI PHASEOUT

Filing Status

MFS (Married Filing Separately

Phase out for 2012

$55,000

Single, Head of Household, Qualifying Widow

$75,000

$110,000

IRS Phase Out

MFJ (Married Filing Jointly)

Child Tax Credit

Crossing the AGI PHASEOUT

The maximum credit is reduced by $50 for each $1000 over the threshold

Nonrefundable Credits

Additional Child Tax Credit

We calculate your!!

Good News- limited by tax liability?

1. Client has to have $3000 or more of earned income

2. Three or more qualifying children

Child and dependent care Credit

We calculate your!!Day Care

1. Employed2. Self-employed3. Looking for a job4. Enrolled as a full time

student

To be eligible

Child and dependent care credit

Married Couples

Day care

Married couples must each be eligible

• One spouse may not be stay-at-home

• For those clients who work from home as employees or self-employed are eligible

Child and dependent care Credit

We calculate your!!Day Care

1. $3000 for one qualifying child

2. $6000 for two or more children

Maximum Credit

Child and dependent care Credit

We calculate your!!

Day Care1. Expenses are eligible

in the year paid, not incurred.

2. $6000 for two or more children

Maximum Credit

Don’t Overpay Your Taxes

By MargaretSpecializing in Personal and Business Tax Retuns. Over 8years tax preparation and over 200 satisfied customers last year. I would like to add you as my customer this year.

Available Dates

January to April

Location 5960 Beach BlvdJacksonville, FL 32207(904)962-7703

AvailableTime

By Appointment Monday to Saturday

Year Round

5960 Beach BlvdJacksonville, FL 32207

Available Services •1040EZ $60.00

• 1040, 1040A, 1040X $80 - $190•1099-A, B, DIV, C, R• Partnerships & Corporations• PC- By AppointmentQuestions & IRS Letters:Margaret.rogers@tax.hrblock.com

•1040EZ $60.00• 1040, 1040A, 1040X $80 - $190•1099-A, B, DIV, C, R• Partnerships & Corpor

By Appointment Monday to Saturday

Cost