Unlike tax deductions, which reduce your taxable income, tax credits represent a dollar-for-dollar reduction of the actual taxes you owe. There are a variety of tax credits out there, so it’s important to be aware of your eligibility. Some of the tax credits the IRS offers taxpayers include:
- Tax credit for caring for a child or other dependent while working or seeking work
- Adoption credit for expenses related to adopting a child
- Earned income credit for taxpayers who work, but remain below a certain income level
- Home energy credit for homeowners who make qualified improvements to enhance their home’s energy efficiency
- Work opportunity credit for employers hiring individuals who belong to certain targeted groups
Wondering what other tax credits are out there? Taxation Solutions, Inc. is the company to call. We’re Charlotte’s choice for reliable and skilled tax help. We know all of the ways you can reduce the amount you owe the IRS at the end of the year without incurring any penalties. Our goal is to bring you through tax season with the best possible outcome, giving you peace of mind that your taxes are accurate and that you’re safe from tax problems down the line.
Ready to get started? Contact us today to discuss your tax help needs!