“We cannot solve our problems with the same thinking we used when we created them.” - Albert Einstein
Q: What is a tax credit?
A: A tax credit is money. In the US it is usually in the form of a check from the US Treasury Department.
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Q: Why is there money available from the government for me being in school?
A: The government has implemented programs to help the economy recover. A part of that program is to promote secondary education among citizens. Billions are available, very few have utilized the resources!
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Q: What information do I need to provide?
A: That will vary depending on the type of credit.
Education -
a. Full activity statement/summary for academic year(s) applied for
b. Form 1098T (Annual tax form issued by institution to each student)
Business -
a. Personal & Business
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Education Credit Refund Overview
About the American Opportunity Credit -
Q: I’m a parent with kids in college, how can you help me?
A: Provided we can verify eligible education expenses from 2009 &/or 2010 we can assist to recover a refund of up too $2500 per year.
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Q: How?
A: By filing an accurate and compliant amended tax return.
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Q: Is this something I can do on my own?
A: Anything is possible! You can download the IRS package HERE. However there are significant risks involved. Common errors can include incorrect calculation of qualified expenses and general filing mistakes. In addition due to IRS constraints, it is unlikely independent recovery will result in a refund in less than 12 weeks and less than 3 hours of IRS phone communication.
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Q: Why should I use 123taxcredit.com?
A: For most credits our service is the ONLY fast, accurate, reliable and convenient way to receive a tax credit refund. We work for the people. They inform you when you owe tax, we tell you when you overpaid!
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Q: How do I know if I’ve already received this credit?
A: Review your 2009 and/or 2010 Tax Return(s) Form 1040: See line 66 [Refundable Education Credit/American Opportunity Credit]- If less than $750 (per student) submit your return for review Form 1040A: See line 43 [Refundable Education Credit/American Opportunity Credit]- If less than $750 (per student) submit your return for review Form 1040EZ: Submit for Review!
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Q: Do I have to pay the money back?
A: No.
*Subject to program, please inquire for specifics
Education Credit- If approved by underwriting…NO!
Q: How long does this take?
A: Typically we will inform you of approval within 48 Hours Refund checks typically take 30-60 days to process.
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Q: How are you compensated?
A: We offer several ways to assist taxpayers depending on the type of credit or service.
For most services our initial review and refund estimate are ABSOLUTELY FREE!
Once we have determined you’re eligible, we offer a ‘Luxury Full Service Option’ in
which we are only rewarded for performance with payment for services contingent upon
successful refund recovery. We invest the time, energy and resources required to process a
refund accurately and timely, all we require is your trust, and confidence.
Percentage is calculated on gross refund amount (or savings); all services include a
minimum processing fee. Invoice balance is due within 48 hours of receipt of refund, with
no obligation otherwise.
For most credits we also offer a ‘Self-Service’ upfront payment option in which we will
configure, file and mail your refund request to the appropriate authorities.
Examples:
Contingency (Paid within 48 hours of receipt) :
Business*- Taxpayer receives $25,000 refund. Our processing fee is equivalent to $7,500.
Education- Taxpayer receives $1,000 refund. Minimum processing fee of $250.
Upfront:
Education Credit - $99 one time upfront flat fee
Q: What other services do you offer?
A: General Tax Preparation
Forensic Tax and Accounting Reviews
Tax Controversy Services
Q: Will you work with my CPA?
A: Absolutely. We often are referred to individuals or companies by their CPA's. Our job is not to replace your CPA but rather compliment their work. Many of these programs are extremely specific and require extensive resources to facilitate. Generally our services are wouldn't be within the scope of services that your CPA would provide.
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Q: How long have you been in business?
A: 123taxcredit.com is relatively new as previously the demand for our services was limited until the many modifications in recent tax legislation and stimulus programs. Customers can have confidence that our specialist team combines over 100 years of experience and all services are performed by leading licensed CPA(s), Attorney(s) and current University Professors.
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Q: Can this trigger an audit?
A: Anyone can be audited at anytime. However your risk of audit is generally not affected by the processing of a refund that the taxpayer qualifies for.
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Q: Why not use my own accountant or CPA?
A: Accountants and CPA(s) are there to determine the amount of tax liability not process specific stimulus and tax incentives. Most lack the time and resources to properly facilitate the actual refund of money to the client. In fact since almost no tax preparers ‘enjoy’ correspondence with the IRS or Revenue Department many outsource their processing to our expert team.
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Q: How much does this cost?
A: All of our services are on a contingency fee basis and we charge a small percentage of the recovered refund.
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Q: Are there any upfront fees?
A: Zero. And since we don’t get paid until you get your money, nobody will work harder to make sure you get your check!
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Q: What is the Recovery Act?
A: The Recovery Act was passed by Congress and signed into law by President Obama on February 17, 2009. The purpose of the $787 billion Recovery package is to jump-start the economy to create and save jobs. The Act specifies appropriations for a wide range of federal programs, and increases or extends certain benefits under Medicaid, unemployment compensation, and nutrition assistance programs. The legislation also reduces individual and corporate income tax collections, and makes a variety of other changes to tax laws. Long-term investment goals include:
Q: Where can I find the full text of the Recovery Act?
A: The text of the law can be found here.
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Q: Where can I learn more about how the Recovery Act will affect the budget?
A: The Congressional Budget Office (CBO) has calculated the impact that the Recovery Act will have on the federal government's budget deficit. You can review those calculations in full, or read a summary on the CBO blog. For more information, visit the White House website or, for legislative information, the Library of Congress' website, THOMAS.
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Q: How does the Recovery Act work?
A: Twenty-eight different agencies – such as the Departments of Education; Health and Human Services; and Energy – have been allocated a portion of the $787 billion in Recovery funds. Each agency develops specific plans for how it will spend its Recovery Act funds. The agencies then award grants and contracts to state governments or, in some cases, directly to schools, hospitals, contractors, or other organizations. The agencies are required to file weekly financial reports on how they are spending the money and their specific activities related to Recovery funds. Starting in October 2009, recipients filed their first of regular quarterly reports on how they are spending the Recovery Act funds that they received.
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Q: What is Recovery.gov?
A: Recovery.gov is the official government website created by the Recovery Act to help taxpayers track how Recovery money is being spent. You can follow the spending into your own state, county, zip code, or congressional district.
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Q: Who runs Recovery.gov?
A: The Recovery Accountability and Transparency Board, established by the Recovery Act, maintains Recovery.gov. The Recovery Board includes Chairman Earl Devaney, appointed by President Obama, and 12 Inspectors General, 10 of whom were named to the Board by the Recovery Act and two of whom were appointed by President Obama.
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Tax Credit Specialists enforce the tax code on behalf of the taxpayer with honesty, integrity, passion and purpose of interdependence. Our specialists’ claim the most accurate and proven tax credit refund process available.
Trust in our reputation as our team is comprised of the leading licensed Certified Public Accountants, Attorneys, registered tax preparers and even professors of tax!
We offer comprehensive, affordable tax solutions based on over 50 years of combined expertise and experience. Clients and affiliate professionals work with us because our service is unique and helps to expedite an often tedious and time consuming process. Our tax credit specialists are dedicated to researching and monitoring tax legislation and work tirelessly in coordination with IRS procedures.
123taxcredit.com is a privately operated website; we are not associated with the IRS or any other agency of the United States Government.
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