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Tax Credit Consulting: Tax Credit Time Limits Burlington IA

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.

Craig Adamson
1000 Lindale Drive
Marion, IA
Company
Title: President
Company: Adamson Financial Planning
Type
Investment Advisor Rep: Yes
Education
BS Iowa State University 1996
Years Experience
Years Experience: 14
Service
Life Insurance,Investment & Portfolio Management,Long-Term Health Care Planning,Business Succession & Liquidation Planning,Estate Tax Planning,Asset Protection Strategies & Planning,Individual Income Tax Planning,Wealth Engineering,401k Rollover From Employer,Income for Life/ Preserve Principal,Medicare Planning,Health Care Insurance,Retirement Planning,Real Estate Investment Planning,Annuity Ideas & Strategy Planning,Planning For Personal Finances & Budgeting,Retirement Income Accumulation Plan

Data Provided by:
Dirk M. Dixon (RFC®), EA
(515) 285-5546
8033 University Blvd
Clive, IA
Company
Baker & Associates, LLP
Qualifications
Education: Bachelors of Business Administration with an emphasis in Finance from Grand View College 1997.
Years of Experience: 15
Membership
IARFC, NAIFA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Pension Planning, Executive Compensation Planning, personal Coach, Retirement Planning, Tax Planning, Tax Returns, Mutual Funds, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Business Coach, Charitable Planning, Education Plan, Healthcare Accounts, Asset Protection, BuySell, Compensation Plans

Data Provided by:
Jackson Hewitt
(712) 527-4928
412 1st Street
Glenwood, IA

Data Provided by:
Mote Cpa Pc
(515) 271-8183
2011 Beaver Ave
Des Moines, IA

Data Provided by:
Sanders Tax Svc
(712) 256-8290
1417 W Broadway
Council Bluffs, IA

Data Provided by:
Bill Elson
3705 Grand Avenue
Des Moines, IA
Company
Company: Spectrum Financial Services
Service
Hourly Financial Planning Engagements,Fee Only Portfolio Management,Pension for Highly Compensated Owners,Stock Market Alternative,Wealth Management,Medicaid,Life Insurance,Investment & Portfolio Management,Long-Term Health Care Planning,Business Succession & Liquidation Planning,Estate Tax Planning,Asset Protection Strategies & Planning,Individual Income Tax Planning,Wealth Engineering,IRA, 401k, Roth IRA, QDRO Rollovers,CD Alternative,Medicare Planning,Health Care Insurance,Retirement Planning

Data Provided by:
Mr. Kenneth E. Lawson (RFC®), CHFC, CLU, LUTCF
(563) 359-1688
2435 Kimberly Rd Ste 300S
Bettendorf, IA
Company
Client 1st Wealth Management, Inc.
Qualifications
Years of Experience: 44
Membership
IARFC, SFSP
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Pension Planning, Retirement Planning, Medicaid Planning, Tax Planning, Employee Benefits, Stocks and Bonds, Mutual Funds, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Charitable Planning, Education Plan, Healthcare Accounts, Asset Protection, BuySell, Compensation Plans

Data Provided by:
H&R Block
(712) 252-1003
3219 Gordon Dr
Sioux City, IA

Data Provided by:
H&R Block Inside Sears At Lindale Mall
(319) 294-5402
4444 1ST AVE NE
CEDAR RAPIDS, IA

Data Provided by:
Jackson Hewitt
(319) 524-1706
401 Main Street Ste 1
Keokuk, IA

Data Provided by:
Data Provided by:

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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