Want a bigger tax refund?

by Roger Chartier

I want more money back from the IRS – Increase my refund

The IRS just came up with an announcement.

How the underdog can get more money back from the IRS

I always like to be able to let folks know how they can do better and survive easier in this world of financial warfare between the “classes”.

I guess I am for the underdog, or as I should say “for the people who are undermined by political power and wealth”. Everybody should have an equal chance but lobbyists buy politicians who write laws to the advantage of wealthy corporations and individuals and yet the poorer people who can’t afford to buy the politicians are often like sheep. They vote for those same politicians who lead them astray with promises of cooperation on unimportant social issues. Think clearly about who you are voting for next time. Or you will suffer. It is big money versus the underdog. Everything else is window dressing to distract you.
By the way here is what the IRS Told me today.

Four Tax Credits That Can Boost your Refund

A tax credit is a dollar-for-dollar reduction of taxes owed. Some tax credits are refundable meaning if you are eligible and claim one, you can get the rest of it in the form of a tax refund even after your tax liability has been reduced to zero.

Here are four refundable tax credits you should consider to increase your refund on your 2011 federal income tax return:

1. The Earned Income Tax Credit is for people earning less than $49,078 from wages, self-employment or farming. Millions of workers who saw their earnings drop in 2011 may qualify for the first time. Income, age and the number of qualifying children determine the amount of the credit, which can be up to $5,751. Workers without children also may qualify. For more information, see IRS Publication 596, Earned Income Credit.

2. The Child and Dependent Care Credit is for expenses paid for the care of your qualifying children under age 13, or for a disabled spouse or dependent, while you work or look for work. For more information, see IRS Publication 503, Child and Dependent Care Expenses.

3. The Child Tax Credit is for people who have a qualifying child. The maximum credit is $1,000 for each qualifying child. You can claim this credit in addition to the Child and Dependent Care Credit. For more information on the Child Tax Credit, see IRS Publication 972, Child Tax Credit.

4. The Retirement Savings Contributions Credit, also known as the Saver’s Credit, is designed to help low-to-moderate income workers save for retirement. You may qualify if your income is below a certain limit and you contribute to an IRA or workplace retirement plan, such as a 401(k) plan. The Saver’s Credit is available in addition to any other tax savings that apply. For more information, see IRS Publication 590, Individual Retirement Arrangements (IRAs).”

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