Did you have Federal taxes withheld from your pension and wages for this tax year and wish to get a refund back? Are you entitled to the Earned Income Tax Credit or did you receive Advance Earned Income Credit for this tax year?
There are credits that are available for both businesses and individuals who operate or participate in a retirement plan. Small businesses can receive a credit of up to $500 a year for the first three years for starting a new pension plan, and individuals can receive up to a $2,000 credit each year for contributing to a pension plan.
With the end of the 2010 tax year rapidly approaching, there is only a limited amount of time for individuals to take advantage of certain tax savings techniques.
Blackman & Sloop, CPAs, P.A. has joined the BDO Seidman Alliance, a nationwide association of independently owned local and regional CPA firms and businesses.