What's New for 2012?
Retirement-Plan Contribution Limits Rise
In 2012, the maximum contribution to 401(k), 403(b), and most 457 plans increases to $17,000. Employees 50 years old and older may contribute an additional $5,500 during the year.
Most taxpayers who claimed the first-time homebuyer's credit for a home purchased in 2009 or 2010 must repay the credit if the home was sold, foreclosed upon, or converted to a business or rental property within 36 months of the purchase. Taxpayers repay the credit by including the amount of the credit as additional tax on the tax return for the year in which the repayment event occurs.
Earned Income Tax Credit
For tax year 2012, the maximum earned income tax credit (EITC) for low- and moderate- income workers and working families rises to $5,891. The maximum income limit for the EITC rises to $50,270. The credit varies by family size, filing status and other factors, with the maximum credit going to joint filers with three or more qualifying children.
Be aware of how to protect yourself from these top 12 tax schemes for the upcoming tax season and how to report suspected fraudulent activity. Click here for additional information.
New Millennium Tax Service is proud to announce our new partnership with 93.5 FM Link Up Radio. Tune in to hear us broadcasting live in the New York, New Jersey, and Connecticut areas throughout the tax season.
Prior Years' Tax Credit Information & Answers to FAQ's:
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New Millennium Tax Service, Inc.
"Professional Accountants at Your Service"
Trevor C. Morris
President
Troy W. Atherley, CPA, MS
Vice President
