Business Tax Recovery Logo


Tax Credit Consulting: Retirement Savers Contribution Hayden ID

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.

Brian Burks, MBA
5660 East Franklin Rd. Suite #130
Nampa, ID
Company
Title: Managing Partner
Company: Burks Wealth Management
Type
Investment Advisor Rep: Yes
Registered Investor: Yes
Education
U of Idaho/B.S. - Marketing
Boise State University - MBA
Years Experience
Years Experience: 15
Service
Life Settlements,IRA, 401k, Roth IRA, QDRO Rollovers,CD Alternative,Annuities,Long-Term Health Care Planning,Annuity Ideas & Strategy Planning,Estate Tax Planning,Asset Protection Strategies & Planning,Hourly Financial Planning Engagements,401k Rollover From Employer,Income for Life/ Preserve Principal,Life Insurance,Investment & Portfolio Management,Commission-Only Financial Planning (Full Disclosure),Insurance & Risk Management Planning,Retirement Income Accumulation Planning,Individual Income

Data Provided by:
Liberty Tax Service
(866) 871-1040
111 S Broadway Ave # 123
Boise, ID

Data Provided by:
H&R Block
(208) 324-2658
115 W MAIN
JEROME, ID

Data Provided by:
H&R Block
(208) 454-6798
5108 CLEVELAND BLVD
CALDWELL, ID

Data Provided by:
Jackson Hewitt Tax Service
(208) 433-9519
1625 W State St
Boise, ID
 
Wilcox Garth
(208) 356-7686
70 N Center St # 1
Rexburg, ID

Data Provided by:
Comprehensive Tax Service
(208) 322-4649
600 N Curtis Rd Ste 210
Boise, ID
 
Liberty Tax Service
(866) 871-1040
1563 Fillmore St # 2e
Twin Falls, ID

Data Provided by:
Boise Tax PRO
(208) 375-1230
1010 N Orchard St Ste 5
Boise, ID
 
American Tax Services
(208) 853-5007
6625 N Glenwood St
Boise, ID
 
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