I love my work: Investments * Taxation * Financial Planning *
CPA for 26 years.
I have used TurboTax for 8 years. Quicken for 10
years & QuickBooks for 10 years.
I am a very active investor. I help my clients manage
their investments using Quicken.
I am a Registered Investment Advisor(RIA).
S-Corp? LLC? Rental Property? Farms?Call me
Wall Street Journal:
'Rate-Reduction Credit' Leads To Confusion Among Tax
If you received the maximum amount of the tax-relief check last
summer, leave the "rate-reduction credit" line blank. It's line 47
on Form 1040, line 30 of Form 1040A, or line seven of Form 1040EZ
on this year's return. (The maximum amount was $600 for a married
couple filing jointly, or for a qualified widow or widower. For a
head of household, it was $500. For singles or married people
filing separately, the amount was $300.)
If you made a mistake, don't file an amended return until after
the IRS processes your original return. The IRS says it is
"checking all returns to see that the rate-reduction credit line is
handled properly and should notify you of any change it makes." The
IRS adds that it is rejecting electronically filed returns that
show the amount of the tax-cut check on this line, or that show a
dependent claiming the credit, "so that the taxpayer or return
preparer may quickly fix the problem and transmit a corrected