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Take tax credit only when due

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in Small Business Tax,Small Business Tax Deduction Strategies

If you’re claiming a tax credit on your return, it’s important to make sure you’re on firm ground. In a new report covering the tax years 2006 through 2009, the Treasury Inspector General for Tax Administration (TIGTA) found that taxpayers had to repay more than an estimated $2.3 billion in credits that were erroneously claimed.

By the end of 2011, the IRS had recovered an estimated $1.3 billion of the shortfall, mostly through refund offsets.

In particular, TIGTA said that taxpayers repeatedly claimed erroneous child tax credits after the credits were disallowed the previous year.

Access the full report here.  

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