Posted by Administrator Account on 12/22/2011 10:38 AM
According to the IRS, low and moderate-income workers can take steps now to save for retirement and earn a special tax credit in 2011 and the years ahead.

The saver’s credit helps offset part of the first $2,000 workers voluntarily contribute to IRAs and to 401(k) plans and similar workplace retirement programs. This is also known as the retirement savings contributions credit and is available in addition to any other tax savings that apply.

The saver’s credit can be claimed by:

·        Married couples filing jointly with incomes up to $56,500 in 2011 or $57,500 in 2012;

·        Heads of Household with adjusted gross income up to $42,375 in 2011 or $43,125 in 2012; and

·        Married individuals filing separately and singles with adjusted gross income up to $28,250 in 2011 or $28,750 in 2012.

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Dalby, Wendland & Co., P.C. is a Certified Public Accounting and Consulting firm in Western Colorado that provides professional accounting, audit, tax and business services to individuals and businesses of all sizes.  Dalby, Wendland & Co., P.C. has established offices in Grand Junction, Glenwood Springs, Montrose, Aspen, Rifle, and Telluride that allows us the flexibility to serve thousands of clients all over Western Colorado.  As Western Colorado's oldest and largest accounting firm headquartered in Colorado, we have had the opportunity to build strong relationships with our people, our clients, and our communities.

The information provided on this website is for informational purposes and does not constitute an accountant-client relationship. We assume no liability or responsibility for any errors or omissions in the content of this website. Any U.S. federal tax advice contained in this website is not intended to be used for the purpose of avoiding penalties under U.S. federal tax law. We recommend you call our firm before implementing any tax techniques discussed in this letter, or if further accounting, tax, or financial advice from a professional accounting firm is required.

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