Summer is here and if you are a working parent your children may be in daycare or with an in-home caretaker. Did you know this expense may qualify for a tax credit? Indeed, if you incur child care expenses anytime during the year, you may be eligible for the tax credit.
In order to qualify for the tax credit you must have earned income from either wages or self-employment. If married filing jointly, your spouse must also have earned income. The exception to this is if the spouse is a full-time student or unable to care for themselves due to mental or physical issues. The child(ren) for which you pay childcare for must be under 13 years old and must be claimed as dependent(s). The childcare expense can qualify for either in-home care or a daycare facility. Expense for overnight camps or summer tutoring do not qualify. If you pay other members of your family to babysit, this does not qualify. Keep your receipts and records to document this expense.
Unfortunately, there are some tax resolution firms that are not legitimate and are actually running a scam service. USA Today provides a decent article talking about this problem and gives the following red flags to watch out for when choosing a tax resolution company. These red flags include, no face-to-face consultation, high-pressure sales tactics, large upfront fees, no details about services until after a fee is paid and unrealistic guarantees.
Don’t fall for tax resolution scams, if you are in need of a reputable tax resolution company give us a call at (312)664-6649. We will set up a free consultation with you and talk about your specific situation. No high pressure sales, unrealistic guarantees or large upfront fees. If you would like to read the rest of the USAToday article about tax resolution scams see. http://usatoday30.usatoday.com/money/perfi/columnist/block/2011-05-23-tax-resolution-scams_n.htm
At Opem Tax Resolution & the Law Office of Steven A Leahy we are proud to provide our clients with a variety of services to help them deal with their tax and debt problems. We would also like to provide services that help them avoid tax problems all together.
We have seen first hand how some of our clients have been put into compromising situations with the IRS by filing incorrectly or having a less than reputable tax preparer make some serious mistakes. We know that it can be hard sometimes to know that the tax preparation service you are using is truly on your side. For this reason we have decided to offer in house tax preparation. We have hired a tax preparer in house to serve this need. Mike Norris is an Enrolled Agent (EA) and began to assist our clients with tax preparation on February 15th
In the past we have only filed older tax returns to help our clients get back in compliance with the IRS. However, we have realized by offering tax preparation in house we can better serve our clients by providing a trustworthy preparation service. Our clients can rest assured that not only do we knows how to file their returns correctly but we also have in-depth knowledge of the legals aspects of dealing with IRS issues. This allows our clients to be assured that their tax filing is in good hands and that if they are ever faced with an audit or issue with the IRS that they will be able to come to us to aid in their defense. https://chicagotaxteam.com/services/