Tax credits are available to both individuals and business of all sizes. Tax credits are offered by the Federal government and state agencies. Overlooking tax credits could be very costly. I want to make sure you take advantage of every tax credit that you are entitled to. Let's discuss if you qualify for any of these tax credits.
Tax credits can significantly reduce the amount of tax you owe or increase your refund. Tax credits are better than deductions as they typically are a dollar-for-dollar benefit. This means that a $1,000 credit will put $1,000 in your pocket whereas a $1,000 deduction may only save you $200 to $300 in tax.
Here are some common tax credits you may be able to take advantage of.