Tax Tips #341

If you are preparing your own tax return, there is a "Saver's Credit" available to those of you who put money away in either an employer plan or a self-employed plan. The credit is $1,000 for each taxpayer (maximum of $2,000 per return). You use Form 8880 to claim the credit. It has been available for a couple of years; if you missed it, you can file an amended return. Amended returns for the tax year ending December 31, 2004 must reach the IRS office by 4/15/2008.

 
This information is provided in an effort to help you gather and organize the information necessary to file your individual or small business income tax return. While these financial tools are not a substitute for financial advice from a qualified professional, they can be used as a starting point in your decision making process.