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Tax Credit Consulting: Retirement Savers Contribution Bismarck ND

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
(701) 250-0960
2717 ROCK ISLAND PL
BISMARCK, ND

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Liberty Tax Service
(866) 871-1040
720 S Washington St
Grand Forks, ND

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Liberty Tax Service
(866) 871-1040
500 W Main St
Mandan, ND

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H&R Block
(701) 241-7628
1531 S UNIVERSITY dr
FARGO, ND

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Liberty Tax Service
(866) 871-1040
312 University Dr N
Fargo, ND

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Liberty Tax Service
(866) 871-1040
500 W Main St
Mandan, ND

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Petrick & Youngs Tax Svc Inc
(701) 852-6274
624 31st Ave SW
Minot, ND

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Accounting 4 Success
(701) 371-0419
3320 Westrac Drive
Fargo, ND
 
Liberty Tax Service
(866) 871-1040
1173 3rd Ave W # 19
Dickinson, ND

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Liberty Tax Service
(866) 871-1040
819 N Broadway
Minot, ND

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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...

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