Tax credits can be as complex as the tax season itself, but it’s useful for individuals and businesses alike. They’re your simple joys in the complex world of taxes, as tax credits lower what you owe and could even give you some money back. Being a trusted expert of tax services in Round Rock, Texas, here’s our simple guide to the various tax credits you may take advantage of.
- Earned Income Tax Credit (EITC)
The EITC assists low to moderate-income individuals and families. Depending on your income and family size, you could receive a significant credit for essential financial relief. - Child Tax Credit
Families with kids can get a bigger Child Tax Credit to lower their taxes and, in some cases, even get a refund. - Employee Retention Credit (ERC)
In response to the challenges posed by the COVID-19 pandemic, the Employee Retention Credit (ERC) was introduced to support businesses that retained their employees. - Education Credits
For those pursuing higher education, consider the American Opportunity Credit or Lifetime Learning Credit. They can reduce the expenses for tuition, books, and education costs. - Savers Credit
If you’re saving for retirement, check out the Savers Credit. It’s a great way to reward individuals and families for saving for the future.
Don’t miss out on the potential savings available through these tax credits. Explore your eligibility and take steps to acquire them. For professional support, consider working with our certified public accountant in Texas.
At KF Tax & Accounting, P.C., our tax preparation services in Texas can be your ally in securing the credits you deserve, making tax season a little less taxing. We’ll help you utilize the credits you qualify for to reduce your tax liability. Talk to us to learn more!
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