B Rite Taxes

The maximum amount of credit for Tax Year 2020 is:

• $6,660 with three or more qualifying children
• $5,920 with two qualifying children
• $3,584 with one qualifying child
• $538 with no qualifying children.

You must have earned income to qualify for this credit and it begins to phase out for single taxpayers with AGI of $50,954 (Joint $56,844).

The CTC is a $2,000 credit for each child under age 17 that is claimed as a dependent on your tax return. It also provides $500 for dependents over age 17. You need to have earned $2,500 to qualify for this credit and it begins to phase out for single taxpayers with an AGI of $200K (Joint $400K).

The Child & Dependent Care credit reimburses a portion of expenses paid for the care of a child under age 13 or a dependent who cannot mentally or physically care for themselves. The credit is $3,000 for one dependent and $6,000 for two or more dependents.

The two education credits are 1) American Opportunity Tax Credit and 2) Lifetime Learning Credit. The AOTC reimburses up to $2,500 of qualified education expenses per student for 4 years of an undergraduate degree. The LLC reimburses up to $2,000 in qualified education expenses per tax return.

 An eligible educator can deduct up to $250 of any non-reimbursed business  expenses for classroom materials, such as books, supplies, computers  including related software and services or other equipment that the  eligible educator uses in the classroom.  

Deduct up to $2,500 for interest paid on a qualified student loan account. You should receive a Form 1098-E from the lender you are making payments to if you pay at least $600 per year in qualified student loan interest.

B Rite Taxes has a very streamlined and convenient tax filing process. First, you submit your personal and tax information. Second, B Rite enters and reviews your information for accuracy. Third, a Virtual Tax Prep appointment is scheduled to gather additional information. Fourth, B Rite Taxes e-files your taxes.

B Rite Taxes utilizes a safe and secure Tax Portal to collect your information.  You can provide electronic versions and pictures of your documents using the Tax Portal.

Once you contact B Rite Taxes for your Tax Preparation needs, we will send you an invitation to the Tax Portal. Once you create a password, you will be able to answer the Tax Questionnaire and upload your documents.

You must have valid identification to file your taxes with B Rite Taxes. If you do not have a current state driver's license or ID, you can still have your taxes filed, but you must provide your Social Security card.

Your tax return will be signed electronically by 1) using a digital signature or 2) using a pin number provided by B Rite Taxes. Once your taxes have been e-filed and accepted by the IRS, B Rite will email you a copy of your complete tax return. Upon request, B Rite Taxes will mail a hard copy using USPS regular mail for a fee of $5.

B Rite Taxes does not prepare Business taxes at this time. Our current focus is on Individuals and Families, but we will add Business services in the future. Please subscribe to the B Rite Family or follow us on Facebook @britefamilyfinance to find out when Business services will be offered.