Unlike tax deductions, which are subtracted from your taxable income, tax credits reduce your actual taxes owed dollar for dollar. Are you aware of the credits for which you’re eligible in a given year? Don’t miss out on claiming the relevant tax credits, or you could owe much more than you should!
Some of the most commonly claimed tax credits include:
- Child tax credit: for any taxpayer with a qualified child
- Child and dependent care credit: for taxpayers seeking work or working while caring for a child, disabled child, spouse, or other dependent
- Adoption credit: for qualified expenses related to adopting a child
- Earned income credit: for taxpayers who work, but remain in a low income category
- Home energy credit: for homeowners who make improvements to their homes to make them more energy efficient
- Work opportunity credit: for employers who hire individuals from one or more targeted groups
Your tax help specialist can discuss these and other tax credits with you. In and around Indianapolis, you can count on Taxation Solutions, Inc. for the skilled and knowledgeable tax assistance you’ll need to get the best possible results from your dealings with the IRS. To learn more about tax credits, or to book a consultation with a member of our team, call today!