Voluntarily Contributing to an IRA Now Enables Americans to Earn a Special Tax Credit, Ideal Tax Solution is Helping Mend Tax Debts of the Past for Future Tax Benefits to Be Applicable

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Ideal Tax Solution is urging clients and American tax payers to take advantage of many tax credits that the IRS offers. However, tax credits are only available for a limited time after the end of a year.

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While it is the end of the year, the opportunity for this tax credit is still readily available, and will continue to be for a few months

Low and moderate income workers can take steps now to save for retirement and earn a special tax credit in 2011 and the years ahead, according to the Internal Revenue Service. The IRS wants to encourage Americans to contribute to their retirement funds, and what better way than to offer a tax credit? They released news stating “The saver’s credit helps offset part of the first $2,000 workers voluntarily contribute to IRAs and to 401(k) plans and similar workplace retirement programs. Also known as the retirement savings contributions credit, the saver’s credit is available in addition to any other tax savings that apply.”

While it is the end of the year, the opportunity for this tax credit is still readily available, and will continue to be for a few months. In an IRS newsletter they state “Eligible workers still have time to make qualifying retirement contributions and get the saver’s credit on their 2011 tax return. People have until April 17, 2012, to set up a new individual retirement arrangement or add money to an existing IRA and still get credit for 2011. However, elective deferrals must be made by the end of the year to a 401(k) plan or similar workplace program, such as a 403(b) plan for employees of public schools and certain tax-exempt organizations, a governmental 457 plan for state or local government employees, and the Thrift Savings Plan for federal employees. Employees who are unable to set aside money for this year may want to schedule their 2012 contributions soon so their employer can begin withholding them in January. The saver’s credit can be claimed by: Married couples filing jointly with incomes up to $56,500 in 2011 or $57,500 in 2012; Heads of Household with incomes up to $42,375 in 2011 or $43,125 in 2012; and Married individuals filing separately and singles with incomes up to $28,250 in 2011 or $28,750 in 2012.”

So in conclusion, put those spare dollars toward retirement and reap in the rare benefits the IRS offers. Those still struggling to stay afloat due to back tax debts are encouraged to seek tax professionals to assist, so these benefits can be available in the future.

About the company: Ideal Tax Solution, LLC is located in Costa Mesa, CA and provides tax negotiation services, preparation and is a collection defense specialist. Their Tax Attorneys, IRS Enrolled Agents, CPA's, Senior Tax Consultants have over 55 years of combined experience working to help American tax payers with the IRS and State Tax Agencies. Ideal Tax boasts an "A" rating with the Better Business Bureau earned through providing excellent services.


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Chyna Lamb

Theresa Cavazos
Ideal Tax Solution
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