|
Subscribers to the Rangel Report are the first to receive exclusive information on
Congressman Rangel's
latest activities in Congress. Please share this email with a friend.
Tax Tips 2012
March 5, 2012
Dear Friends,
Tax season is upon us. As the tax deadline of April 17th draws near, I know that filing taxes can be cumbersome and often overwhelming. Please make sure to sign up for my e-newsletter (Rangel Report) below, so I can keep sending you timely and valuable tax resources to expedite your filing process.
Below are tips released from the IRS website that are meant to make this year's tax season easier to manage. I also encourage everyone to consult the Rangel Tax Prep Guide on my website to take advantage of benefits and your taxpayer protection rights.
FREE TAX PREPARATION
(Filing Deadline is April 17, 2012)
- FREE Tax Filing and Cut down on the paperwork. If you make less than 58,000 gross income, you can use the IRS' new tool called FreeFile that allows you to file your tax forms online without the hassle of mailing. Click here to check whether you qualify.
- Tax Credits for Small Businesses thanks to Affordable Care Act. Thanks to provisions in the Affordable Care Act, small businesses and small tax-exempt charities that provide health insurance to their employees can now qualify for the Small Business Health Care Tax Credit. Click here to see if your small business qualifies for any of these new tax provisions.
- Tax credits for students. Parents and students may qualify for the American Opportunity Credit and the Lifetime Learning Credit. Taxpayers are eligible for full credit if they are individuals earning less than $80,000 a year, or a couple earning $160,000 or less. Even if you make above these levels, you may qualify for a partial tax credit. For more information, click here.
- Understanding the Earned Income Tax Credit (EITC). Earned income is the taxable wages and income you receive from working or owning a business. Individuals earning less than $45,060 and couples earning less than $50,270 are encouraged to apply. To claim, please fill out Form 8862.
- Child Care Tax Credit and other Federal, State and City Tax Credits. You may qualify for other Federal and State tax credits. Click here for the New York City Child Care Tax Credit.
- Health Coverage Tax Credit (HCTC). HCTC is a tax credit administered by the IRS that pays 72.5% of qualified health insurance premiums for eligible individuals and their families. Monthly payments are made directly to a health plan administrator on behalf of participants, allowing them to receive the benefit on the tax credit at the time of need. Click here for eligibility and information.
- FREE Tax Assistance. For low- and middle-income taxpayers, you may qualify to receive free tax help through a Voluntary Income Tax Assistance program site (VITA). To find Tax Preparation Sites in your New York neighborhood, click here.
- How Unemployment Insurance (UI) Benefits are taxed. Unemployment compensation from the government is considered taxable income. If you have received UI benefits during the year, expect to given Form 1099-G indicating the total amount of benefits you were paid. If you choose to have federal income tax withheld from your UI benefits, fill out Form W-4v.
To hear more about what I'm doing for you in Washington and around the District, please go to my website at www.rangel.house.gov, and sign-up for my newsletter to stay informed! I also encourage you to engage with me on my Government Facebook, Twitter, YouTube, Google+ and Flickr pages.
Best regards,
Charles B. Rangel
|
|
 |
| Unsubscribe
|
- Office Locations - |
|
Washington, D.C. Office
2354 Rayburn House Office Building
Washington, DC 20515
Office: (202) 225-4365
Fax: (202) 225-0816
|
New York Office
163 West 125th Street, Suite #737
New York, NY 10027
Office: (212) 663-3900
Fax: (212) 663-4277
|
|
|
