Tax Tip of the Month

People may want to file a tax return – even if they aren’t required to do so

Some people choose not to file a tax return because they aren't legally required to file, but they could be missing out on refundable tax credits or an income tax refund. This could apply to someone if they:

-Have had federal income tax withheld from their pay.

-Made estimated tax payments.

-Qualify to claim refundable tax credits.

Here are a few of the valuable tax credits eligible people can claim on a tax return.....

Earned Income Tax Credit – The EITC helps workers who earned $59,187 or less when they file their tax return.

Child Tax Credit – Taxpayers can claim the Child Tax Credit if they have a qualifying child under the age of 17 at the end of 2022.

Credit for Other Dependents – Taxpayers who do not qualify for the child tax credit may qualify for the Credit for Other Dependents.

This includes people who have:

Dependent children who are age 18 or older at the end of 2022.

Parents or other qualifying individuals they support.

Education credits – Education expenses can add up fast, but there are two higher education credits to help. The American Opportunity Tax Credit is for qualified education expenses for the first four years of higher education. The Lifetime Learning Credit is for qualified tuition and related expenses paid for eligible students enrolled in an eligible educational institution.

Questions about valuable tax credits that YOU can claim?? Contact us and let's figure it out together.

The new tax reform laws are complex and can be difficult to understand. For small business owners, this means navigating a complicated system of filing taxes that has likely changed from previous years. To make sure your business is up to date with the latest tax regulations, here’s an overview of what you need to know about the current tax reform laws.

The Basics of Tax Reform for Small Businesses

Under the new tax reform law, small businesses are now eligible for a 20% See more

Taxes can be daunting, especially when it seems like the rules and regulations are constantly changing. Even if you’re a seasoned tax filer, it’s likely that each year brings changes that can leave you feeling overwhelmed and unmotivated to tackle your taxes. But don’t worry—there are ways to stay organized and motivated throughout the filing process.

Make a Plan – The best way to get started is by making a plan. Whether it’s a timeline or See more....

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