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5 IRS Tax Credits that Can Reduce Your Taxes

ImageIRS Tax Tips

A tax credit reduces the amount of tax you must pay. A refundable tax credit not only reduces the federal tax you owe, but also could result in a refund.

Here are five credits the IRS wants you to consider before filing your 2012 federal income tax return:

1. The Earned Income Tax Credit is a refundable credit for people who work and don’t earn a lot of money. The maximum credit for 2012 returns is $5,891 for workers with three or more children. Eligibility is determined based on earnings, filing status and eligible children. Workers without children may be eligible for a smaller credit. If you worked and earned less than $50,270, use the EITC Assistant tool on to see if you qualify. For more information, see Publication 596, Earned Income Credit.

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

3. The Child Tax Credit may apply to you if you have a qualifying child under age 17. The credit may help reduce your federal income tax by up to $1,000 for each qualifying child you claim on your return. You may be required to file the new Schedule 8812, Child Tax Credit, with your tax return to claim the credit. See Publication 972, Child Tax Credit, for more information.

4. The Retirement Savings Contributions Credit (Saver’s Credit) helps 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 a retirement plan at work. The credit is in addition to any other tax savings that apply to retirement plans. For more information, see Publication 590, Individual Retirement Arrangements (IRAs).

5. The American Opportunity Tax Credit helps offset some of the costs that you pay for higher education. The AOTC applies to the first four years of post-secondary education. The maximum credit is $2,500 per eligible student. Forty percent of the credit, up to $1,000, is refundable. You must file Form 8863, Education Credits, to claim it if you qualify. For more information, see Publication 970, Tax Benefits for Education.


BOSS Business Services, Acorn Corporate Services, and Anderson Law Group unite and form one new company under its new name: Anderson Business Advisors.  Please read below to find out the details:


BOSS Business Services, Acorn Corporate Services along with Anderson Law Group will be merging their companies to become one in order to be a new uniform entity.  The company’s new name change will occur before the end of the year and be known as Anderson Business Advisors.

Why the change? For years, the ownership group has been acquiring complementary service companies and discussed merging the various companies together.  This summer, they finally agreed to take the plunge and become one.  The merge will benefit all three since each company offers an additional service the other does not from tax services to registered agent services.

“We wanted to create a uniform experience for our clients and provide them with the upmost services available for small business owners, and the three companies working together is the best option” says Toby Mathis, President of BOSS Business Services. “The current clients of BOSS Business Services, Acorn Corporate Services and Anderson Law Group will not be affected at all whatsoever, as the transition will be seamless.  The only change the clients must be aware of is the new name change: Anderson Business Advisors.”

About BOSS Business Services

BOSS is a repeat Inc. 5000 honoree. Since 1993, BOSS Business Services has been a leader in asset protection planning, tax advice, tax preparation, estate planning and business entity structuring. Our clients are located throughout the nation, as well as throughout the world. We are a “one-stop-shop” for business owners handling everything from pre-formation planning to succession planning. BOSS can form your business, help you keep a paper trail of important decisions and meetings, keep your business books and file any necessary tax returns.

About Anderson Law Group

Anderson Business Advisors is a Seattle-based business planning and consulting firm with a focus on providing high-quality services and resources to small business owners, small businesses, other professionals and individuals. Our consultants consist of attorneys and planners who travel nationwide to speak at conferences and seminars on subject matters concerning asset protection and business planning. We have taught tens of thousands of people how to make better business decisions and properly prepare to meet their goals and we have worked with thousands of clients to help them obtain their goals.

About Acorn Corporate Services

Acorn Corporate Services specializes in Nevada entities, and now offer registered agent services throughout the US. We do this through our relationships with affiliates and partners. The benefit to you is excellent Acorn service at no additional cost and a single place to go to handle all of your registered agent needs.

For more information, contact:

Toby Mathis

BOSS Business Services

3225 McLeod Dr., Suite 100

Las Vegas, NV, 89121