Tax Credits: Getting Your Share

Tax Credits: Getting Your Share

Tax Credits – those insignificant questions at the end of the form where you actually get to add money back – do you read them? Do you often look them over and wish you understood them?

If you are paying more taxes in at the end of the year, chances are good that you should have some kind of credits coming…

But what kind? Where do you find that information?

If you hired a qualified tax professional to do your taxes, they should be asking questions that will help you get the most value from your tax preparations. There are specific directive forms from IRS that do help with fig

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uring those credits. But you have to do a lot of research to find them. Is it worth the time and effort it takes to find those documents? YES.

Specific Tax Credits that might apply to you include Education Credits, Child Tax Credits, Employment Credits, Enterprise Credits (if you own your own business), and Childcare Credits. You can research many of these topics online with favorable results. If in doubt, contact IRS and ask about specific documents and Informational Circulars that explain the wherefores and whys of specific forms.

If you consistently have to pay more tax at the end of the year, I highly recommend you find a tax consultant with proper credentials to help you figure the best use of your tax dollar.

Best-case scenario: You pay in every dime you owe in taxes, but not one penny more.

IRS Rules and Regulations are there to support our government; they are created to make tax paying as fair and equitable as possible for the Tax Payer. Use them to your benefit.

Tax Preparer and Small Business Developer Jan Verhoeff believes in making the most of every dollar. You can best do that by using each dollar to the fullest and qualifying your expenses. Is that a deductible expense? What qualifies each business expense as deductible? Educated choices make the best decisions. http://taxprep101.blogspot.com

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