Our tax system is a “pay-as-you-go” system, and if your pre-paid amount is not enough, you become liable for non-deductible interest penalties. To facilitate that concept, the government has provided several means of assisting taxpayers in meeting the “pay-as-you-go” requirement. The primary among these include:
The Saverís Credit helps low- and moderate-income workers save for retirement. The Saverís Credit helps offset part of the first $2,000 that workers voluntarily contribute to IRAs and 401(k) plans, in addition to similar workplace retirement programs. Also known as the Retirement Savings Contributions Credit, the Saverís Credit is available in addition to any other tax savings that apply.
Insogna & Stewart, CPAs, PC • 3355 Bee Cave Road Suite 503 • Austin, TX 78746 Phone: 512.891.8200
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