What tax credits are available?
There are many types of tax credits and possible tax breaks available, this is simply as listing of a few of the major ones. Please note, final qualifications for any of these credits is complex. Give us a call if you want to know if you personally qualify.
Earned Income Tax Credit: This credit is designed to help familes in lower income brackets.
Child Tax Credit: For most parents with taxable incomes and children who live at home (under 17), this tax credit means $1000 off the top.
Education Credits: There are a variety of education credits depending on a student's time spent in school. These credits are for those engaged in higher education (college and up). Usually it pays to track what you are spending on college (including books purchased and fees paid to attend).
Child/Dependant Care Credit: This credit helps certain families, or single parents, that send their children, age 13 years or younger, to afterschool care so that the parent or parents can work. This credit can also cover certain care of spousal and other dependents who are physically or mentally incapable of taking care of themselves.
Business Healthcare Tax Credit: Certain small business owners who offer health care to their employees can take adavantage of this newer business tax credit.
Small Business Health Deduction: If you own a small business, or own and are employed by certain pass through entities, you can deduct the cost of your personal healthcare off the top of your income (before figuring your tax rates).