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Tuesday, September 10, 2013

US couple get biggest tax refund in history

Reduce the cost of raising an adopted child by claiming the adopted child tax credit
Adoption tax credits can be claimed retroactively
By Brian Corden

A US couple made headlines across the world recently when they received a $54,000 tax rebate, the largest in recorded history.

The couple, Thelma and David Ward, who live in North Carolina, could hardly believe it when the IRS called them to let them know they’d be getting the mammoth rebate. Thelma explained how she’d handed the phone to her husband David and danced around the room when she got the news.

Good deed pays off

The rebate is thanks to the couple’s community spirit as the rebate has been made due to them adopting five needy children from their local area. According to US law, adoptive parents can claim a one off sum of $13,170 dollars for each child they adopt, but this is usually awarded in small amounts to be used for expenses. The Wards had made the claim each year but because they weren’t considered to be earning enough, the money had simply rolled over every year.

When tax creditor Dee Carter totted up their returns this year she couldn’t believe her eyes and had to check with several members of staff before she realised there was no mistake. Carter explained that no one at the H&R Block office where the couple file their returns had seen anything like it before and their paperwork was checked a total of fifteen times before the amount was confirmed. Although the adoption credit has been available for more than ten years, the couple were not eligible until this tax season, meaning they’ll get the payout in one massive lump sum.

Exciting news for adoptive parents

Director of the Tax Institute Kathy Pickering called the news ‘really significant for people adopting’ and explained that the new one off tax payment could be ‘life changing’ for adoptive parents in the USA.

Don’t miss out on tax refunds

The story of the Wards demonstrates just how confusing the world of tax can be, but luckily help is at hand for UK construction workers. If you’re a self-employed builder or construction worker using CIS or PAYE you can now claim for travel expenses, sustenance, accommodation and even replacing broken or damaged safety clothing – what’s more, you don’t even need to make the rebate yourself.

You can employ the services of a paye tax claims company to do it all for you dating back a period of four years, even if you don’t have receipts and records. Simply get in touch with the tax claims company and let them know your details, for example where you worked and how long you worked there for. After asking a few simple questions they’ll do all the leg work to make your claim and get back the money you’re owed in tax refunds.

It won’t be as much as $54,000, but in many cases the money you get back can amount to thousands so it’s more than worthwhile to find out what you could get. Don’t let tax confusion stop you from making a claim, get in touch with a tax claims company and reap the rewards of a no fuss, no hassle tax rebate.

About the author: Brian Corden has worked tirelessly for the last 8 years at Express Tax Claims to educate the masses about all things tax in the construction industry. He has a passion for business and accounting and loves to write on the subject he loves.

* Image license: mensatic; MorgueFile royalty and attribution free