ADDITIONAL TAX CREDITS AVAILABLE FROM THE FEDERAL AND STATE GOVERNMENTS
 

DO YOU KNOW WHAT SAVER’S CREDIT IS?  If you save money in a retirement fund such as an IRA or 401K, you may be eligible to get a Saver’s Credit. The credit is up to $1000.00 for single individual and $ 2000.00 if married filing jointly. The credit is a percentage of qualifying contribution amount. There are income limitations and eligibility requirements. For more information Contact us or visit: www.irs.gov


NEED HELP PAYING FOR COLLEGE?  In 2011 & 2012 the American Opportunity Credit can be worth up to $2,500 of the cost of tuition and related expenses.  Even if you do not make enough money to file a return you should file to see if you qualify for as much as $1,000 back.  The credit amount begins to phase out if you make more than $80,000 or $160,000 if you are filling a joint return.  For more information Contact us or visit: www.irs.gov


HAVE YOU RECENTLY MADE YOUR HOME MORE ENERGY EFFICIENT?  Certain energy efficient home improvements and electric vehicles can lead to tax credits on your next income tax return.  You could get a 30% tax break up to a limit of $ 500 if you add certain insulation, energy efficient exterior windows, doors or skylights, or heating and cooling systems.  Also, alternative energy equipment like solar water heaters, geothermal heat pumps and small wind turbines could get you a 30% tax break with no dollar limit.  For more information Contact us or  visit: www.irs.gov


ARE YOU AWARE OF ILLINOIS’ EDUCATION EXPENSE CREDIT?  Illinois resident taxpayers whose children attend private school could be allowed 25% of your family’s qualifying K-12 education expenses in excess of $250.  The credit will not exceed $500 in any year, regardless of the number of qualifying students.  For more information visit:
http://tax.illinois.gov/Individuals/CreditsDeductions/educationexpensecredit.htm


HAVE YOU APPLIED FOR ILLINOIS’ CIRCUIT BREAKER YET?  If you are 65 years or older, or qualify as disabled then you could be eligible to receive a grant from the Illinois Department on Aging’s Circuit Breaker program.  You could also receive a $54 discount on your license plate fee and if you qualify for disability then you could be eligible for free rides on all fixed-route regularly scheduled buses, trains and public transit systems. For more information visit http://www.cbrx.il.gov/

 

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