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We understand the importance of tax refunds, which is why we are dedicated to maximizing your tax return each year. Our team works tirelessly to identify tax credits and deductions for you or your business, ensuring that you receive the maximum benefits. We take the lead in guiding you towards these credits and deductions, and we handle the entire preparation process, so you never miss out on any tax credits or refunds that you and your business are entitled to.

What Is a Tax Credit and Tax Deduction ?

Tax credits lowers the amount of money you must pay the government. It is designed to encourage people to spend money in specific ways. For example, one of the most common tax credits is the Child Tax Credit. Taxpayers who have children under the age 16 at the end of the calendar year receive a credit to help reduce the cost of raising a child. Another popular tax credit is the Lite Learning Credit (LLC). The LLC encourages people to pursue further education by crediting part of the overall cost back at tax time.


A tax deduction lowers one’s taxable income, thus reducing the tax liability. If a person receives a deduction, he decreases the amount from his income, which lowers his taxable income. The lower a person’s taxable income, the lower the tax bill.


By contrast, a tax credit decreases the tax bill rather than a person’s taxable income. So, if a person has a $100,000 salary and has a $10,000 deduction, the taxable income will be $90,000. If the person in this example is taxed at a rate of 25%, the tax bill will be $22,500. If that same person has a $10,000 credit instead of a deduction, he will be taxed at 25% of their $100,000 income and owe $25,000 in taxes. However, he will then be credited $10,000 and owe only $15,000.


Some tax credits are refundable, but most are not. A refundable tax credit, which is different from a tax refund, can be given to taxpayers even if they do not owe any taxes. Additionally, a refundable tax credit can be given in addition to a tax refund.


A nonrefundable tax credit means that a person will get the tax credit up to the amount owed. For example, if a person owes $2,000 in taxes and receives $3,000 in nonrefundable credits, that will simply erase her tax bill. If she gets $3,000 in refundable credits, she will receive a $1,000 tax refund.


Between Federal, State, City and local credits and deductions there are to many to count, so please go to our “how it works section” and let us help get you started.

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Let us help you with your tax questions and concerns. Click here to fill out our questionnaire to get started.

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