Tax Credits: Dollar For Dollar Tax Reductions
Tax Credits Available To Business And Personal Taxpayers.
Tax credits is a sum subtracted from the amount owed by a taxpayer. Some people refer to tax credits as refunds for taxes paid out through the year. Make sure you have a professional prepare you returns to make sure you take advantage of any tax credits you could have coming your way. Who knows how much money you could be leaving on the table? Tax credits cam come from many different types of taxes. This could be because of recognition of taxes already paid, as a subsidy, or even to encourage behaviors such as investments or other similar things.
We have listed some tax credits for your consideration.
- Earned income credit
- Tax credits for the elderly and disabled
- Retirement savings tax credits
- Mortgage interest tax credits
- Child Credit
- Child and dependent care tax credits
- Credit for adoption expenses
- Hope Credit
- Lifetime Learning Credit
- First time homebuyers credit
- Credits for purchase of certain nonbusiness energy property and residential energy efficiency
- Alternative motor vehicle credit
- Alternative fuel credits
- Disaster relief credits
- Credits for employing individuals in certain areas or those formerly on welfare or in targeted groups
- Credit for increasing research expenses
- A variety of industry specific credits
- Federal nonrefundable investment tax credits
- Federal Historic Rehabilitation Tax Credit
- Renewable Energy/Investment Tax Credit (ITC)
- Renewable Energy/Production Tax Credit (PTC)
- Low Income (Affordable) Housing Tax Credit (LIHTC)
- Qualified School Construction Bond (QSCB)
- Work Opportunity Tax Credit (WOTC)
- State tax credits
- Value added tax
- Foreign tax credit
- Credits for alternative tax bases
This is not meant to be an all inclusive list, nor complete up to date information. If there is a tax credit you think might benefit you, then please do further research, or contact our office if you would like to set up a consultation regarding tax credits, or any other tax or financial matters.
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