Tax Credits You Didn't Know About
LongSchaefer’s Pro Tips Videos -Tax Credits
LongSchaefer’s pro-tip video series was designed to give you brief explainers for some important information about your personal finances. Here, you’ll find out a little more information about the simple deductions you might not even know you’re eligible for. The LongSchaefer team understands how powerful knowledge is when it comes to financial planning.
Not to mention the confidence that comes with it. We want to put the power and control of your money in your hands, but will always be here to give you professional advice. Find out more about some simple deductions below.
Tax credits come in two forms — refundable and non-refundable. Refundable tax credits reduce your liability to below zero, which makes you eligible for a refund. Non-refundable credits can still benefit you throughout the year and reduce your overall bill. Depending on your personal situation, LongSchaefer can you help decide which credits are likely to benefit you the most.
Here are a few examples of non-refundable tax credits.
Child and Dependent Care
If you pay for childcare—whether it’s daycare, summer camp or anything similar for a minor under 13—you can qualify for child and dependent care credit.
Residential Energy Improvement
If you make certain home improvements to make your property more energy efficient or environmentally friendly, you can qualify for a Residential Energy Improvement credit.
Retirement Savings Contribution Credit
If you have been saving for your retirement through a 401k or otherwise, you could be eligible for a Retirement Savings Contribution Credit.
Here are some examples of refundable tax credits.
Additional Child Tax Credit
If your child tax credit ends up being more than the amount of income tax you owe and you earned more than $3000, you can qualify for this additional credit.
Federal Tax Paid on Fuels
Qualifying for this is a little more murky and complicated, and it’s best to talk to a professional at LongSchaefer about how it works.
The American Opportunity or Lifetime Learning credits can help take some of the bite out of college costs for taxpayers that qualify.
Contact LongSchaefer Today
Want to find out more about tax deductions? Need advice on tax preparation? Looking for some more financial planning information? Trying to find out more information on your own, whether it’s about credits you qualify for or how you should be filing, can be daunting.There is a lot of information out there, but much of it is hard to wade through. Fortunately, our firm is here for you. Whatever it is you’re looking for, LongSchaefer can help. Contact our financial services team today and start taking control of your funds.