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Earned Income and adjusted gross income (AGI) must each be less than: $46,227 ($51,567 married filing jointly) with three or more qualifying children $43,038 ($48,378 married filing jointly) with two qualifying children $37,870 ($43,210 married filing jointly) with one qualifying child $14,340 ($19,680 married filing jointly) with no qualifying children
Tax Year 2013 maximum credit:
$6,044 with three or more qualifying children $5,372 with two qualifying children $3,250 with one qualifying child $487 with no qualifying children
Investment income must be $3,300 or less for the year.

Interest Rates for Q1, Q2 and Q3 for 2013 will continue to be charged as follows:
3% for overpayments (2% for corporations)
3% for underpayments
5% for large corporate underpayments
0.5% for the portion of a corporate overpayment in excess of $10k.
Under the Internal Revenue Code, the rate of interest is determined on a quarterly basis. For taxpayers other than corporations, the overpayment and underpayment rate is the federal short-term rate plus 3 percentage points. Generally, in the case of a corporation, the underpayment rate is the federal short-term rate plus 3 percentage points and the overpayment rate is the federal short-term rate plus 2 percentage points. The rate for large corporate underpayments is the federal short-term rate plus 5 percentage points.
The rate on the portion of a corporate overpayment of tax exceeding $10,000 for a taxable period is the federal short-term rate plus one-half (0.5) of a percentage point. Further, the federal short-term rate that applies during the third month following the taxable year also applies when determining estimated tax underpayments during the first 15 days of the fourth month following the taxable year

An IRA deduction can save you from $650 to $2,574 depending on your filing status and tax bracket on your federal tax return.
If you are under 50 you can put up to $5,500, Over 50 you can put up to $6,500.

Be sure to itemize any donations of clothing and household items that you made to charities throughout the year, as non- cash donations over $500 require you to file form 8283 with your return. Non-cash donations up to $500 do not need special documentation with the filing of your return.

You can deduct the loss on a worthless security without selling it but only if the stock or loan is completely worthless. If it is truly worthless, you can treat the item on your return as if it were a short term capital asset you sold for $0 on the last day of the tax year. In fact you can take a write-off over and above your gains to the extent of $3,000 this year.

The American Opportunity Credit can save taxpayers as much as $2,500 per student with $1,000 of the credit being a refundable credit above and beyond the money paid.

Employers can contribute up to a quarter of the salaries that each employee earns (25%)up to an annual maximum limit. For 2017, that maximum will be $54,000, up $1,000 from its 2016 level. That's the first rise in the SEP IRA limit since 2015,
For self-employed. the 25% refers to the self-employed worker's "net earnings" from the business. The net result of the math is that the 25% limitation on "net earnings" works out to 20% of your adjusted profit after the self-employment tax adjustment in a Simplified Employee's Pension Plan. Self- employed individuals can even take the deduction on their 2016 tax return and fund the pension plan as late as six months from April 18, 2016 if they file for an extension to file their return.

Beginning on January 1, 2012, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:
55.5 cents per mile for business miles driven
23 cents per mile driven for medical or moving purposes
14 cents per mile driven in service of charitable organizations
The rate for business miles driven is unchanged from the mid-year adjustment that became effective on July 1, 2011.
The medical and moving rate has been reduced by 0.5 cents per mile.

Beginning on January 1, 2012, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:
56.5 cents per mile for business miles driven
24 cents per mile driven for medical or moving purposes
14 cents per mile driven in service of charitable organizations

The credit of $1,000 per eligible child.