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Tax Credit Consulting: Tax Credit Time Limits Denver CO

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.

Andy Lyford
2525 16th Street
Denver, CO
Company
Title: Registered Principal
Company: Charlton Investment Services
Type
Investment Advisor Rep: Yes
Education
Trinity College, BA
Years Experience
Years Experience: 18
Service
IRA, 401k, Roth IRA, QDRO Rollovers,CD Alternative,Life Insurance,Investment & Portfolio Management,Investment Consulting & Allocation Design,Insurance & Risk Management Planning,Retirement Income Distribution Planning,Education Funding & Financial Aid Planning,401k Rollover From Employer,Income for Life/ Preserve Principal,Alternative Investments,Retirement Planning,Long-Term Health Care Planning,Business Succession & Liquidation Planning,Estate Tax Planning,Asset Protection Strategies & Planni

Data Provided by:
Mr. S. David Estes (RFC®), EA
(303) 759-8248
1325 S. Colorado Blvd., #026
Denver, CO
Company
Financial Decisions
Qualifications
Years of Experience: 13
Membership
IARFC
Services
Invoice, Business Planning, Portfolio Management, Pension Planning, personal Coach, Retirement Planning, Tax Planning, Tax Returns, Employee Benefits, Mutual Funds, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Group Insurance, Business Coach, Healthcare Accounts, Compensation Plans

Data Provided by:
Mrs. Deborah A. Gamber (RFC®)
(303) 228-7230
4950 S. Yosemite St, F2, #327
Greenwood Village, CO
Company
Sequoia Financial Corp
Qualifications
Education: University of Colorado: BA degree in Theoretical MathematicsFinancial Planning Courses through American College
Years of Experience: 17
Membership
IARFC
Services
Invoice, Estate Planning, Portfolio Management, personal Coach, Retirement Planning, Tax Planning, Seminars Work, Stocks and Bonds, Mutual Funds, Precious Metals, CD Banking, Annuities, Life Insurance, Long Term Care Insurance, Education Plan, Asset Protection, BuySell, Compensation Plans

Data Provided by:
Mr. David Robert Cichon (RFC®), CEP, CSA
(720) 482-1917
7700 E Arapahoe Rd Ste 110
Centennial, CO
Company
Evergreen & Company
Qualifications
Years of Experience: 37
Membership
IARFC, FPA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Pension Planning, Executive Compensation Planning, personal Coach, Retirement Planning, Medicaid Planning, Tax Planning, Seminars Work, Employee Benefits, Family Offices, 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, Asset Protection, BuySell, Compensation Pl

Data Provided by:
Mr. Bert Hermelink (RFC®), CHFC, CLU, CSA
(303) 696-6700
23493 E. Phillips Place
Aurora, CO
Company
Strategic Advantage Financial
Qualifications
Education: BA, Valparaiso UniversityCLU, ChFC, The American College
Years of Experience: 40
Membership
IARFC, SCSA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Pension Planning, Executive Compensation Planning, Retirement Planning, Tax Planning, Seminars Work, Employee Benefits, Stocks and Bonds, Mutual Funds, Precious Metals, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Charitable Planning, Healthcare Accounts, Charitable Foundations, Asset Protection, BuySell, Compensation Plans

Data Provided by:
Perry Neva
1427 Glencoe St.
Denver, CO
Service
Estate Tax Planning,Asset Protection Strategies & Planning,Individual Income Tax Planning,Portfolio Engineering,High Yield Bank Accounts,401k Rollover From Employer,Income for Life/ Preserve Principal,Wealth Management,Medicaid,Life Insurance,Investment & Portfolio Management,Long-Term Health Care Planning,Annuity Ideas & Strategy Planning,Planning For Personal Finances & Budgeting,Retirement Income Accumulation Planning,Business Income Tax Planning,Fee-Only Comprehensive Financial Planning,Capt

Data Provided by:
Dot Mechtenberg
8100 Ralston Road
Arvada, CO
Company
Company: Dot Mechtenberg, Inc.
Type
Investment Advisor Rep: Yes
Years Experience
Years Experience: 40
Service
Portfolio Engineering,401k Rollover From Employer,CD Alternative,Disability Insurance,Retirement Planning,Real Estate Investment Planning,Commission-Only Financial Planning (Full Disclosure),Insurance & Risk Management Planning,Retirement Income Distribution Planning,Education Funding & Financial Aid Planning,Hourly Financial Planning Engagements,Captive Insurance,Pension for Highly Compensated Owners,Income for Life/ Preserve Principal,Alternative Investments,Annuities,Alternative Asset Class P

Data Provided by:
Michael L. Schwartz (RFC®), CFP, RFP
(303) 290-8600
6635 S. Dayton, #300
Greenwood Village, CO
Company
Wealth Masters, Inc.
Qualifications
Education: S
Years of Experience: 33
Membership
IARFC
Services
Invoice, Estate Planning, Portfolio Management, Pension Planning, Retirement Planning, Tax Planning, Seminars Work, Employee Benefits, Family Offices, Stocks and Bonds, Mutual Funds, Mortgage Loans, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Charitable Planning, Compensation Plans

Data Provided by:
Gregory Scott
16 Inverness Place East
Englewood, CO
Service
Disability Insurance,Annuities,Alternative Asset Class Planning,Investment Consulting & Allocation Design,Business Succession & Liquidation Planning,Estate Tax Planning,Asset Protection Strategies & Planning,Individual Income Tax Planning,Portfolio Engineering,High Yield Bank Accounts,401k Rollover From Employer,Income for Life/ Preserve Principal,Wealth Management,Medicaid,Life Insurance,Investment & Portfolio Management,Long-Term Health Care Planning,Annuity Ideas & Strategy Planning,Planning

Data Provided by:
Brett Smith
1285 Cimarron Drive
Lafayette, CO
Company
Title: Owner
Company: Brett R. Smith CPA Wealth Management, LLC
Type
Registered Investor: Yes
Education
Kansas State University/Bachelor of Science in Business Administration, Accounting Major & Colorado State University, Bachelor of Science - Economics Major
Colorado University - Master of Business Administration (MBA)
Denver University - Master of Taxation (MT)
Years Experience
Years Experience: 20+
Service
Wealth Management,Real Estate Investment Planning,Estate Tax Planning,Asset Protection Strategies & Planning,Individual Income Tax Planning,IRA, 401k, Roth IRA, QDRO Rollovers,Investment & Portfolio Management,Business Succession & Liquidation Planning,Retirement Income Accumulation Planning,Business Income Tax Planning,Fee-Only Comprehensive Financial Planning,401k Rollover From Employer,Retirement Planning,Investment Consulting & Allocation Design,Retirement Income Distribution Planning,Educat

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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