Tax Preparation Service Alabama # 1: Lifetime Learning Credit

The lifetime learning credit helps parents and students pay for post-secondary education. For the tax year, you may be able to claim a lifetime learning credit of up to $2,000 for qualified education expenses paid for all students enrolled in eligible educational institutions. There is no limit on the number of years the lifetime learning credit can be claimed for each student. However, a taxpayer cannot claim both the Hope or American opportunity credit and lifetime learning credits for the same student in one year. Thus, the lifetime learning credit may be particularly helpful to graduate students, students who are only taking one course and those who are not pursuing a degree. Generally, you can claim the lifetime learning credit if all three of the following requirements are met: You pay qualified education expenses of higher education. You pay the education expenses for an eligible student. The eligible student is either yourself, your spouse or a dependent for whom you claim an exemption on your tax return. If you’re eligible to claim the lifetime learning credit and are also eligible to claim the Hope or American opportunity credit for the same student in the same year, you can choose to claim either credit, but not both. If you pay qualified education expenses for more than one student in the same year, you can choose to take credits on a per-student, per-year basis. This means that, for example, you can claim the Hope or American opportunity credit for one student and the lifetime learning credit for another student in the same year.

 Information Source: www.irs.gov


MOORE'S SERVICES, LLC 
2160 Green Springs Hwy S. Suite E. 
Birmingham, AL 35205
www.mooresservicesonline.com

Phone: (205) 324-8753
Email: mooresservices1@gmail.com

Hope Credit: Alabama's Top Tax Prepartion Service

The Hope credit generally applies to 2008 and earlier tax years. It helps parents and students pay for post-secondary education. The Hope credit is a nonrefundable credit. This means that it can reduce your tax to zero, but if the credit is more than your tax the excess will not be refunded to you. The Hope credit you are allowed may be limited by the amount of your income and the amount of your tax. The Hope credit is for the payment of the first two years of tuition and related expenses for an eligible student for whom the taxpayer claims an exemption on the tax return. Normally, you can claim tuition and required enrollment fees paid for your own, as well as your dependents’ college education. The Hope credit targets the first two years of post-secondary education, and an eligible student must be enrolled at least half time. Generally, you can claim the Hope credit if all three of the following requirements are met: You pay qualified education expenses of higher education. You pay the education expenses for an eligible student. The eligible student is either yourself, your spouse or a dependent for whom you claim an exemption on your tax return. You cannot take both an education credit and a deduction for tuition and fees (see Deductions, below) for the same student in the same year. In some cases, you may do better by claiming the tuition and fees deduction instead of the Hope credit. Education credits are claimed on Form 8863, Education Credits (Hope and Lifetime Learning Credits). For details on these and other education-related tax breaks, see IRS Publication 970, Tax Benefits of Education.

 Information source www.irs.gov


MOORE'S SERVICES, LLC 
2160 Green Springs Hwy S. Suite E. 
Birmingham, AL 35205
www.mooresservicesonline.com

Phone: (205) 324-8753
Email: mooresservices1@gmail.com

Birmingham, Alabama # 1 Tax Service: American Opportunity Credit

Under the American Recovery and Reinvestment Act (ARRA), more parents and students qualify for a tax credit, the American opportunity credit, to pay for college expenses. The American opportunity credit originally modified the existing Hope credit for tax years 2009 and 2010, and was later extended for an additional two years – 2011 and 2012, making the benefit available to a broader range of taxpayers, including many with higher incomes and those who owe no tax. It also adds required course materials to the list of qualifying expenses and allows the credit to be claimed for four post-secondary education years instead of two. Many of those eligible qualify for the maximum annual credit of $2,500 per student. The full credit is available to individuals whose modified adjusted gross income is $80,000 or less, or $160,000 or less for married couples filing a joint return. The credit is phased out for taxpayers with incomes above these levels. These income limits are higher than under the existing Hope and lifetime learning credits. Special rules applied to students attending college in a Midwestern disaster area for tax-year 2009, only, when taxpayers could choose to claim either a special expanded Hope credit of up to $3,600 for the student or the regular American opportunity credit. If you have questions about the American opportunity credit, these questions and answers might help. For more information, see American opportunity credit.

 Information Source: www.irs.gov



MOORE'S SERVICES, LLC 
2160 Green Springs Hwy S. Suite E. 
Birmingham, AL 35205
www.mooresservicesonline.com

Phone: (205) 324-8753
Email: mooresservices1@gmail.com

Alabama's #1 Income Tax Preparation Services

A tax credit reduces the amount of income tax you may have to pay. A deduction reduces the amount of your income that is subject to tax, thus generally reducing the amount of tax you may have to pay. Certain savings plans allow the accumulated interest to grow tax-free until money is taken out (known as a distribution), or allow the distribution to be tax-free, or both. An exclusion from income means that you won't have to pay income tax on the benefit you're receiving, but you also won't be able to use that same tax-free benefit for a deduction or credit.  MOORE'S SERVICES Income Tax & Notary Service 2160 Green Springs Hwy Suite E. Birmingham, AL 35205 Email: mooresservices1@gmail.com Phone: 205-324-8753 Alabama's #1 Tax Service

Filing Your Return: Income Tax Perpration in Birmingham, Alabama

Find a tax professional you trust to prepare and e-file your return. Nearly all tax preparers use e-file now and many are now required by law to e-file. But it's still a good idea to tell your tax preparer you want the advantages of e-file — your refund in half the time, or if you owe, more payment options. Use our tax professional locator to find an e-file provider near you. MOORE'S SERVICES Income Tax & Notary Service 2160 Green Springs Hwy Suite E. Birmingham, AL 35205 Email: mooresservices1@gmail.com Phone: 205-324-8753 Alabama's #1 Tax Service

How do I pay my Tax Bill? Birmingham, Alabama: Tax Preparation Service

How do I pay my Tax Bill? Use a safe and convenient electronic payment option or send your payment. Pay by: Debit or credit card Electronic funds transfer Check or money order MOORE'S SERVICES Income Tax & Notary Service 2160 Green Springs Hwy Suite E. Birmingham, AL 35205 Email: mooresservices1@gmail.com Phone: 205-324-8753 www.mooresservices.blogspot.com Information Source: www.irs.gov

Become an IRS Partner to Help in Your Community Alabama's #1 Tax Service Income Tax Preparation Alabama, Birmingham # 1 Tac Service

Make a difference in your community by partnering with IRS and thousands of nationwide organizations to meet individual taxpayers' needs for tax education and assistance. In these tough economic times, tax benefits can offer stronger financial stability for people and the communities in which they live. They can also serve as the starting point in realizing dreams.

ALABAMA'S #1 Tax Service MOORE'S SERVICES IRS Announces More Flexible Offer-in-Compromise Terms to Help a Greater Number of Struggling Taxpayers Make a Fresh Start .

The Internal Revenue Service today announced another expansion of its "Fresh Start" initiative by offering more flexible terms to its Offer in Compromise (OIC) program that will enable some of the most financially distressed taxpayers to clear up their tax problems and in many cases more quickly than in the past. "This phase of Fresh Start will assist some taxpayers who have faced the most financial hardship in recent years," said IRS Commissioner Doug Shulman. "It is part of our multiyear effort to help taxpayers who are struggling to make ends meet." Today’s announcement focuses on the financial analysis used to determine which taxpayers qualify for an OIC. This announcement also enables some taxpayers to resolve their tax problems in as little as two years compared to four or five years in the past. In certain circumstances, the changes announced today include: Revising the calculation for the taxpayer’s future income. Allowing taxpayers to repay their student loans. Allowing taxpayers to pay state and local delinquent taxes. Expanding the Allowable Living Expense allowance category and amount. MOORE'S SERVICES INCOME TAX & NOTARY SERVICE 2160 Green Springs Hwy Suite E. Birmingham, AL 35205 205-325-8753 Email: mooresservices1@gmail.com www.mooresservices.blogspot.com Information source www.irs.gov

Birmingham Alabama Income Tax Preparation Service

The Internal Revenue Service today announced a sweeping office space and rent reduction initiative that over the next 2 years will close 43 smaller offices and reduce space in many larger facilities. These measures will save more than 40 million in taxpayer dollars. Coupled with space reductions last year, the initiative will slash total IRS office space by more than one million square feet. MOORE'S SERVICES INCOME TAX & NOTARY SERVICE 2160 Green Springs Hwy Suite E. Birmingham, AL 35205 205-325-8753 Email: mooresservices1@gmail.com www.mooresservices.blogspot.com Information source www.irs.gov

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EITC Home Page--It’s easier than ever to find out if you qualify for EITC. ALABAMA'S #1 TAX SERVICE

It’s easier than ever to find out if you qualify for EITC EITC, the Earned Income Tax Credit, sometimes called EIC is a tax credit to help you keep more of what you earned. It is a refundable federal income tax credit for low to moderate income working individuals and families. Congress originally approved the tax credit legislation in 1975 in part to offset the burden of social security taxes and to provide an incentive to work. When EITC exceeds the amount of taxes owed, it results in a tax refund to those who claim and qualify for the credit. To qualify, you must meet certain requirements and file a tax return, even if you do not owe any tax or are not required to file. ALABAMA'S #1 TAX SERVICE MOORE'S SERVICES 2160 Green Springs Hwy S. BIRMINGHAM, AL 35205 205-324-8753 Email: mooresservice1@gmail.com www.mooresservices.blogspot.com Information source www.irs.gov

Birmingham Alabama's #1 Tax Service "The What if for the struggling tax payers"

People facing financial difficulties may find that there's a tax impact to events such as job loss, debt forgiveness or tapping a retirement fund. For example, if your income decreased, you may be newly eligible for certain tax credits, such as the Earned Income Tax Credit. Most importantly, if you believe you may have trouble paying your tax bill, contact the IRS immediately. In many cases, there are steps we can take to help ease the burden. You also should file a tax return even if you are unable to pay so you can avoid additional penalties. Here are some “what if” scenarios and the possible tax impact: Job Related What if I lose my job? What if I receive unemployment compensation? What if my income declines? What if I am searching for a job? What if my employer goes out of business? What if I close my own business? What if I withdraw money from my IRA? What if my 401(k) drops in value? Top Tax Service in Birmingham Alabama MOORE'S SERVICE 2160 Greensprings Hwy S. Birmingham, AL 35205 205-324-8753 Email: mooresservice1@gmail.com www.mooresservices.blogspot.com Information source www.irs.gov Birmingham Alabama's #1 Tax Service "The What if for the struggling tax payers"

Taxpayers should be on the lookout

Taxpayers should be on the lookout for a new, email-based phishing scam now circulating that targets Department of Defense military members, retirees and civilian employees. The email appears to come from Defense Finance and Accounting Services and displays a .mil email address. The email states that those receiving disability compensation from the Department of Veterans Affairs (VA) may be able to obtain additional funds from the IRS. Email recipients are then asked to send various VA and IRS documents containing their personal and financial information, such as copies of VA award letters or their income tax returns, to an address in Florida. The information on these documents is then used by the scammers to commit identity theft. Typically, identity thieves use someone’s personal data to empty the victim’s financial accounts, run up charges on the victim’s existing credit cards or apply for new loans, credit cards, services or benefits in the victim’s name. MOORE'S SERVICE 2160 Green Springs Hwy S. Birmingham,AL 35205 205-324-8753 email - mooresservices1@gmail.com www.mooresservices.blogspot.com Birmingham Alabama's #1 Tax Service Information Source www.irs.gov

ALABAMA'S #1 Tax Services. Understanding your IRS Notice or Letter

About Your Notice If you receive a letter or notice from the IRS, it will explain the reason for the correspondence and provide instructions. Many of these letters and notices can be dealt with simply, without having to call or visit an IRS office. The notice you receive covers a very specific issue about your account or tax return. Generally, the IRS will send a notice if it believes you owe additional tax, are due a larger refund, if there is a question about your tax return or a need for additional information. ALABAMA'S #1 Tax Service MOORE'S SERVICES

ALABAMA'S top tax service now servicing clients nation wide. MOORE'S SERVICES Visit us at www.mooressevices.blogspot.com