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What is the difference between a Tax Credit and a Tax Deduction

If you could choose between a tax deduction and a tax credit of the same amount, which would be more likely to benefit you? Understanding the difference can help you plan your taxes. A tax deduction lowers the amount of income on which you’re taxed. The amount of your...

Can I Claim My Working Child as a Dependent on My Tax Return?

Here’s a question we get all the time: When your child starts working, can you still claim them as a dependent on your taxes?

The 4 Must Know Tax Breaks for Individuals

Most taxpayers don’t want to pay more taxes than they actually owe. Here are some common mistakes and omissions that cost taxpayers money. Overlooking education tax credits. Parents of college students may be able to claim the American Opportunity Tax Credit (AOTC)...
When Are 2019 Taxes Due?

When Are 2019 Taxes Due?

As we approach the new tax season, many of our clients who are small business owners are asking more & more questions. Getting your taxes filed on time is a lot easier when you a) have a year-round accounting system and b) have a clear deadline to aim...

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The 4 Must Know Tax Breaks for Individuals

The 4 Must Know Tax Breaks for Individuals

Most taxpayers don’t want to pay more taxes than they actually owe. Here are some common mistakes and omissions that cost taxpayers money. Overlooking education tax credits. Parents of college students may be able to claim the American Opportunity Tax Credit (AOTC)...

read more