Download - Nonrefundable Tax Credits
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Nonrefundable Credits
Tax Credits
• Child tax credit• Additional Child Tax
Credit• Child Care Expenses
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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
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Nonrefundable Credits Child Tax
Credit
$1000 per child
No limit to the number of qualifying children
We calculate your
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Two Limits to the credit
Child Tax Credit
Tax Liability
AGI Phaseout
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This is your tax on page 2 your 1040
AGI Phaseout This is your adjusted gross income from page 1 of 1040
Tax Liability
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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)
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Child Tax Credit
Crossing the AGI PHASEOUT
The maximum credit is reduced by $50 for each $1000 over the threshold
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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
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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
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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
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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
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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
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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
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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:[email protected]
•1040EZ $60.00• 1040, 1040A, 1040X $80 - $190•1099-A, B, DIV, C, R• Partnerships & Corpor
By Appointment Monday to Saturday
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