A
advisor10
Guest
2-21-2002
The IRS recently sent out a press release reminding the public to please take advantage of the rate reduction credit, since many taxpayers are forgetting or overlooking this item on their returns. (Line 47 of Form 1040, Line 7 of Form 1040EZ, I don't know what line it is on Form 1040A, but I'm sure it is there somewhere).
Please consult any of the IRS instruction booklets to get more specific information on how to compute it. Basically, if you end up owing any federal taxes, this credit will allow you to reduce the amount of federal taxes you owe, thereby having the effect of saving you money and putting more money in your pocket. Amount of the credit can vary anywhere from $0 to hundreds of dollars.
If you have already filed, if you think you would benefit (after having computed the credit to see if it applies to you), then you could file an amended return.
SINCERELY,
advisor
The IRS recently sent out a press release reminding the public to please take advantage of the rate reduction credit, since many taxpayers are forgetting or overlooking this item on their returns. (Line 47 of Form 1040, Line 7 of Form 1040EZ, I don't know what line it is on Form 1040A, but I'm sure it is there somewhere).
Please consult any of the IRS instruction booklets to get more specific information on how to compute it. Basically, if you end up owing any federal taxes, this credit will allow you to reduce the amount of federal taxes you owe, thereby having the effect of saving you money and putting more money in your pocket. Amount of the credit can vary anywhere from $0 to hundreds of dollars.
If you have already filed, if you think you would benefit (after having computed the credit to see if it applies to you), then you could file an amended return.
SINCERELY,
advisor