November 20, 2014

A 2014 tax credit can help low- to moderate-income workers make some plans and moves now to start investing in their retirement funds, officials at the IRS have recently announced. People who qualify for this new 2014 tax credit, which is also referred to as the “retirement savings contributions credit,” still have time to take advantage of it by putting some of their current income away in an qualifying retirement fund before 2014 ends.

Details about the 2014 Tax Credit for Retirement Savings

Denver Tax Attorney   2014 Tax Credit Can Help People Save for Retirement

A 2014 tax credit can help people save for retirement if they meet the income eligibility requirements. Here’s a closer look at this 2014 tax credit.

Here’s an overview of the eligibility requirements and other important information associated with this 2014 tax credit:

  • The people who are eligible to take advantage of this 2014 tax credit include:
    • Married couples who are filing taxes jointly and whose combined total income in 2014 is less than $60,000 (or less $61,000 in 2015)
    • Married individuals who are filing singly or people who are single who earn less than $30,000 in 2014 (or less than $30,500 in 2015)
    • People who are “heads of a household” whose incomes are less than $45,000 in 2014 (or less than $5,750 in 2015).
  • Dependents and students are not eligible to take advantage of this 2014 tax credit.
  • This 2014 tax credit can offset a portion of the initial $2,000 investment workers make to their IRAs, 410(k)s or other applicable retirement fund savings accounts.
  • Although there is a $1,000 available tax credit for individuals (and a maximum $2,000 available credit for married couples), the IRS cautions that people’s actual available credit may be far less, depending on the other deductions, tax credits, etc. that they may be using when filing 2014 taxes.

People who are eligible for this 2014 tax credit can take advantage of it by completing IRS Form 8880.

Denver Tax Law Attorney at Goldman Law, LLC

If you are dealing with any tax issue, don’t try to resolve this issue on your own. Instead, contact a trusted Denver tax law attorney at Goldman Law, LLC. Our lawyers are ready to stand up for your rights and help you resolve your tax issues as favorably as possible.

At Goldman Law, LLC, we know how distressing audits and other tax issues can be, and we also know how to stand up to the IRS and effectively protect our clients to ensure they are able to obtain the best possible outcomes to their cases. In addition to providing aggressive, superior representation when it comes to facing the IRS officials, our Denver tax audit lawyer also can be counted on to:

  • Provide each of our clients with personalized attention
  • Clearly explain the issues and laws affecting their cases
  • Answer all of their questions
  • Advise them of their best options for resolving their case.

At Goldman Law, LLC, we have the experience, resources and dedication necessary to help you resolve your tax issues as beneficially and efficiently as possible.

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To receive a professional case evaluation, contact us by calling (303) 656-9529 or by emailing us using the contact form on this page. From our offices in Denver, we serve clients throughout Colorado.

Categories: Blog, Tax Credits