Business Tax Recovery Logo


Tax Credit Consulting: Retirement Savers Contribution Barre VT

Americans doesn't do well in saving for retirement. Well, the government is offering the retirement savers contribution tax credit to change this for some of us. Keep on reading for details of this issue.

H&R Block
(802) 479-9100
TWIN CENTER PLAZA SHOPPING CENTER 1284 RTE 302
BERLIN, VT

Data Provided by:
H&R Block
(802) 863-9999
155 DORSET ST
SOUTH BURLINGTON, VT

Data Provided by:
H&R Block
(802) 388-3190
260 Court ST
Middlebury, VT
 
Liberty Tax Service
(866) 871-1040
1197 Williston Rd
South Burlington, VT

Data Provided by:
H&R Block Inside St Albans Commons
(802) 524-3140
178 SWANTON RD
SAINT ALBANS, VT

Data Provided by:
Champlain Tax Service
(802) 863-1040
20 Kimball Ave
South Burlington, VT
 
H & R Block
(802) 879-0683
187 Pearl St
Essex Junction, VT
 
Danaher Attig & Plante PLC
(802) 383-0399
150 Kennedy Drive
South Burlington, VT
 
Misasi & Misasi PC
(802) 388-6307
11 Ct St
Middlebury, VT

Data Provided by:
H&R Block
(802) 288-8079
4 Carmichael St
Essex Junction, VT

Data Provided by:
Data Provided by:

Tax Credit Consulting: Retirement Savers Contribution

Retirement Savers Contribution Tax Credit

It is a well-known fact that Americans are miserable failures when it comes to saving for retirement. Well, the government is offering the retirement savers contribution tax credit to change this for some of us.

Social security is going to be under siege as baby boomers hit retirements. Fortunately, many baby boomers have put away piles of cash in 401ks and IRAs. Regardless, most people fail to do all they can in this regard. In an attempt to motivate us taxpayers to save as much as we can for retirement, Uncle Sam is dangling tax credits before us like the proverbial carrot.

The tax credit in question is the Retirement Savings Contributions Credit. Qualify for it and you may be eligible to take a credit of $1,000 for singles and $2,000 if you're filing jointly. The credit is eligible for those that make contributions to 401ks and retirement vehicles. The amount of the credit is determined on a sliding scale based on how much you make and contribute.

You can claim the retirement savings tax credit:

1. Individual taxpayers with incomes of $25,000 or less.

2. Individual taxpayers that are head of households and make $37,500 or less.

3. Married couples filing jointly who make $50,000 or less cumulatively.

There are some very minor restrictions regarding who is eligible for the tax credit. First, you have to be older than 18. Second, you can't be a full time student. Finally, another dependent can't claim you as a depe...

Click here to read the rest of this article from BusinessTaxRecovery.com