There are 4 tax credits that can boost your refund. The Earned Income Tax Credit, the Child & Dependent Care Credit, the Child Tax Credit and the Retirement Savings Contribution Credit. A tax credit is a dollar-for-dollar reduction of taxes owed. Tax Tips shared on behalf of Aaron D. Witherspoon, CPA & Associates
The IRS has expanded its "fresh start" initiative to help struggling taxpayers who owe taxes. Penalty relief relieves some taxpayer from failure-to-pay penalties on their 2011 tax return. Taxpayers have a 6 month extension.
Tax Tips shared on behalf of Aaron D. Witherspoon, CPA & Associates