H R Block Tax Changes to Affect Millions This Year
Below is a MRR and PLR article in category Finance -> subcategory Taxes.
H&R Block: Significant Tax Changes Impacting Millions This Year
Millions of taxpayers are set to experience the effects of major tax law changes and unclaimed credits this year.
Key Updates:
Recent adjustments include new guidelines for claiming child-related benefits, tax relief for hurricane victims, and incentives for charitable donors. The Alternative Minimum Tax (AMT) could impact almost 4 million taxpayers, while millions more may overlook credits related to higher education expenses.
Missing these updates might lead to overpaying taxes by a collective $1 billion annually due to unclaimed credits and deductions.
To assist with these changes, H&R Block is launching the tax season by deploying its network of over 70,000 tax professionals. These experts will provide free advice on the tax topics that most affect Americans.
Tim Gokey, president of H&R Block's U.S. Tax Division, states, "Our experts have pinpointed five major tax areas that require special attention this year."
Top 5 Tax Areas to Focus On:
1. Child-Related Benefits: The "uniform definition of a child" has changed, impacting how dependents can be claimed. These alterations could affect your eligibility for certain tax benefits.
2. Hurricane Relief and Charitable Giving: New tax breaks are available for individuals affected by Gulf Coast hurricanes and those who contributed to relief efforts.
3. Alternative Minimum Tax (AMT): Without legal adjustments, AMT could rise dramatically from nearly 4 million taxpayers in 2005 to 20 million in 2006.
4. Earned Income Tax Credit (EITC): Annually, 25% of eligible families fail to claim the EITC, an average value of $1,760.
5. Education-Related Benefits: About 27% of eligible taxpayers don't claim education tax benefits. Navigating between the Lifetime Learning Credit, Hope Credit, and Tuition and Fees Deduction can be complex due to phaseouts and eligibility rules.
These changes underline the importance of staying informed and seeking professional advice to maximize your tax benefits.
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