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Tax Credit Consulting: Tax Credit Time Limits Bellevue NE

The Internal Revenue Service has a statute of limitations on its various functions. You have six years to file a tax return for a given year. The IRS has six years in which to audit your return from the date it is filed. The IRS also has ten years to collect any owed taxes plus penalties and interest. The ten years and six years periods are timed from the date the return is filed.

Mr. Frank C. Bogacz (RFC®), EA
(402) 551-3423
4715 S. 80th Street
Omaha, NE
Company
Bogacz Tax and Financial Services
Qualifications
Years of Experience: 22
Membership
IARFC
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Retirement Planning, Tax Planning, Tax Returns, Seminars Work, Stocks and Bonds, Mutual Funds, Annuities, Life Insurance, Long Term Care Insurance, Compensation Plans

Data Provided by:
Mr. Richard A. Strevey (RFC®), CFP
(402) 445-2288
14301 FNB Parkway #306
Omaha, NE
Company
Strevey Financial Services
Qualifications
Education: BS
Years of Experience: 34
Membership
IARFC, MDRT, FPA, NAIFA
Services
Invoice, Estate Planning, Business Planning, Pension Planning, Executive Compensation Planning, Retirement Planning, Tax Planning, Seminars Work, Employee Benefits, Mutual Funds, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Charitable Planning, Asset Protection, BuySell, Compensation Plans

Data Provided by:
A C Tax & Accounting
(402) 291-2335
1311 Galvin Rd S
Bellevue, NE

Data Provided by:
Liberty Tax Service
(866) 871-1040
3302 Q St # 5
Omaha, NE

Data Provided by:
Jackson Hewitt
(402) 813-5488
4428 S. 24th Street
Omaha, NE

Data Provided by:
Mr. Scott C. Taylor (RFC®), CHFC, CLU
(402) 571-1505
7216 Graceland Drive
Omaha, NE
Company
Midwest Capital
Qualifications
Education: BBA, CLU, ChFC
Years of Experience: 28
Membership
IARFC, MDRT, SFSP, NAIFA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Trustee Service, Pension Planning, Executive Compensation Planning, Retirement Planning, Tax Planning, Seminars Work, Employee Benefits, Stocks and Bonds, Mutual Funds, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Charitable Planning, Education Plan, Healthcare Accounts, Charitable Foundations, Asset Protection, BuySell, Compensation Plans

Data Provided by:
H&R Block
(402) 292-1196
106 MEYER AVE BLDG 166
OFFUTT A F B, NE

Data Provided by:
Liberty Tax Service
(866) 871-1040
3504 Samson Way # 101
Bellevue, NE

Data Provided by:
Ortega Tax Svc
(402) 734-4745
4923 S 24TH St Ste 202
Omaha, NE

Data Provided by:
Casey's Tax Svc
(402) 731-6715
4104 S 42ND St
Omaha, NE

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Tax Credit Consulting: Tax Credit Time Limits

The IRS Time Limits for Tax Credits

The time limit for the claiming of tax credits is tied to the IRS statute of limitations. The statute of limitations are essentially an arbitrary deadline even the IRS has trouble jumping.

The IRS Time Limits for Tax Credits

The Internal Revenue Service has a statute of limitations on its various functions. You have six years to file a tax return for a given year. The IRS has six years in which to audit your return from the date it is filed. The IRS also has ten years to collect any owed taxes plus penalties and interest. The ten years and six years periods are timed from the date the return is filed.

So, does this mean that if you file your tax returns and then discover at a later date that you should have been eligible for a tax credit that you never claimed, you can file an amended return and get credit for your missed credit? The answer is most certainly you can as long as you discover your omission within six years from the time the original return was filed.

Remember, the IRS has the same right to discover and correct an error through the audit process. If you have claimed a tax credit, for example, and several years later, you are audited, the IRS might discover that you were not entitled to that credit. Your tax will be adjusted accordingly and you will owe the difference. In some cases, you might owe additional penalties or interest.

For the most part, tax credits must be applied to the year in which they occur. If the tax credit is so high that it reduces your tax to zero, you are going to just lose the excess. There are a couple of taxes that can reduce your tax liability below zero and result in a refund even if you have not had any income withheld. These credits are called refundable credits. The Earned Income Credit and the Additional Child Care Credit are refundable credits.

There are also some credits that are called "carryover" credits. They allow you to carryover excess amounts to future years...

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