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Tax Credit Consulting: Retirement Savers Contribution Burlington 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.

Liberty Tax Service
(866) 871-1040
1197 Williston Rd
South Burlington, VT

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

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Liberty Tax Service
(802) 865-2829
1197 Williston Rd
South Burlington, VT
 
Independent Tax Service Inc
(802) 863-2271
Chace Ml
Burlington, VT
 
H & R Block
(802) 879-0683
187 Pearl St
Essex Junction, VT
 
Champlain Tax Service
(802) 863-1040
20 Kimball Ave
South Burlington, VT
 
Jacob Philip H Tax And Business Services
(802) 862-8889
12 Perrotta Pl
Burlington, VT
 
Guinness Tax Service
(802) 658-2132
34 Patchen Rd
South Burlington, VT
 
Danaher Attig & Plante PLC
(802) 383-0399
150 Kennedy Drive
South Burlington, VT
 
H&R Block
(802) 288-8079
4 Carmichael St
Essex Junction, VT

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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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